What is a Co-op?
At Chester Park Cooperative, you not only own your home, but you own a share in the entire facility as well. Chester Park Cooperative is a not-for-profit cooperative, meaning that any residual income goes back to the membership; in turn, the members vote on whether to disperse any extra funds as a dividend or put those funds into reserves.
Cooperatives are somewhat different from traditional real estate. Prior to making an offer on a home, please contact Chester Park Cooperative Management. We will gladly give you copies of our declaration, bylaws, financial statement, etc.
What is a Co-op? Please read the following:
Chester Park Cooperative does not have medical or care staff. Members must be able to live a self-managed lifestyle or employ outside caregivers if they need assistance with daily tasks and/or health care. Our Employees are trained to render assistance in an emergency, but members cannot rely on Staff or neighbors to provide care.
Board Approval: Upon acceptance of an offer all potential members must complete application paperwork and be approved by our Board of Directors to qualify for membership. Chester Park Cooperative abides by all Equal Opportunity Housing Laws and considers all persons over the age of 55 without regard to race, creed, color, familial status, religion, gender, disability, or national origin. In the case of a couple applying for membership, one spouse must be 55 years of age or older. In order to qualify for membership, all potential members must meet the following criteria:
A.) Members must be able to live a self-managed lifestyle, either independently or with the help of a health care provider.
B.) All Chester Park Cooperative Members should have adequate financial means to meet their obligations to the Cooperative and live comfortably.
C.) Members must be willing to abide by Chester Park Cooperative policies as defined in our offering statement.
D.) Potential members are required to pass a felony background check and credit check.
Chester Park Cooperative is a non-smoking building. Members and their guests are not allowed to smoke anywhere in the building, including in their homes. Smoking is allowed only in designated outdoor smoking areas.
The Role of Management: Chester Park Cooperative management receives no commission, bonus, or any additional compensation for selling a home. We serve as a neutral mediator between both Buyer and Seller. We are committed to doing all we can to assist in facilitating the transaction in a fair, honest, and equitable manner.
Definition: Chester Park Cooperative property is defined as a leasehold estate. Members are granted a share in the cooperative. A Memorandum of Occupancy signed by our Board President grants the new member the right to occupy their unit and is recorded with the Anchorage Municipality. We are a not-for-profit, member-owned cooperative.
Property taxes are the responsibility of the member and are not figured into the mortgage or payments listed. Most of our residents qualify for the Senior Tax Exemption credit from the Municipality of Anchorage. We assist our members in filling out the forms necessary for this credit and submit them to the tax office. Chester Park Association pays the entire assessed tax bill (less the tax exemptions applied) and then members are responsible for reimbursing their pro-rata share back to the Association.
If you have an electric car that requires recharging on an electrical outlet please contact management regarding details and policies.
Chester Park Cooperative’s current debt rate is 4.375%. If you need help or have questions regarding financing please contact Chester Park Cooperative Management.