Cooperative Living at Penn Center House

Life in a cooperative is a concept not familiar to many. Penn Center House is often thought of as an apartment building or condominium association. It is neither. It is a hybrid consisting of apartment and condo living, called a "cooperative". A Cooperative unit is a unique type of living which offers benefits the others do not. It also implies obligations that the others do not.

In an apartment, residents pay rent but have no ownership, and there are limitations on the amount of personalized modifications the resident can implement. Depending on the apartment, utilities and ongoing maintenance may or may not be included. There are also limited tax benefits to living in an apartment.

With condo living, there is full ownership, although limitations exist on the type of modifications that can be made. Most condos come at a premium purchase price and require ongoing monthly association fees. There are better tax benefits relative to apartment dwelling, but there is often limited or no utility or unit maintenance. Also, many condo associations reserve the right to assess their members for additional fees when capital improvements for the building need to be made.

A cooperative combines the affordable cost benefits of an apartment, the ability for members to renovate to their personal taste, the tax benefits of a condo, the inclusion of utilities and maintenance, and protection from the potential for future assessments. A cooperative also allows its members to maintain an equity interest in their unit.

Please click on the links at the left to learn more about cooperative living at Penn Center House. Learn more about the benefits, view the local attractions and check out the information on safety and security, and maintenance. See for yourself why residents love to live at 1900 JFK Blvd.