What is Cityview?

 

Cityview is a cooperative housing community near downtown Minneapolis, consisting of three 100, year old brownstone apartment buildings located at 1801, 1807 & 1811 Elliot Avenue South, and their adjacent yards and gardens. In 1981, these three Victorian buildings were gutted, redesigned and linked with new construction, becoming a single 31 unit apartment complex.   

 

 What is “cooperative housing”?

 

A housing cooperative is a not for profit corporation, formed by any group of people interested in acquiring housing, and sharing ownership of their residence. Each partner becomes an “member’ of the corporation, owning “shares” in the corporation which holds all assets and liabilities related to the property. There is no standard design configuration for a cooperative. It can consist of a cluster of newly built detached houses, or a 30 story high-rise.

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The defining feature is the unique shared ownership structure.

 

What does a co-op member own?

 

Unlike the owner of a house or a condominium, a Cityview Coop member does not own a titled piece of property. A Cityview member shares ownership of the entire apartment complex. All members own equal shares of the corporation, and their membership gives them the right to occupy a specific dwelling unit. Each member pays a set monthly carrying charge that covers their share of the operating expenses of the corporation; including the mortgage, taxes, and all maintenance of the co-op.

 

Who manages Cityview?

 

Cityview Cooperative is democratically managed. The business and legal affairs of Cityview Cooperative are conducted by a Board of Directors which is elected by annually membership vote.  Upon receipt of a cash equity investment in the Co-op, a new member receives a Membership Certificate. This represents their legal interest in the Co-op. Regardless of the dollar amount invested, the size of the apartment a new member will be living in, or the number of people in the member household; each member receives one corporate voting share. Every member in good standing is eligible to serve as a Board member. The cooperative functions through its Board of Directors which acts on behalf of the entire membership.

      

The Board performs important duties, such as: fiscal planning, entering into contractual arrangements, establishing eligibility standards for admission into the membership, determining the type and degree of maintenance and service our property requires, establishing policies pertaining to use and occupancy of the cooperative, and negotiating on behalf of the membership.

      

The Cityview Board oversees a variety of committees, made up of Co-op member volunteers, which manage, maintain, and administrate our corporation. The Cityview Board and committees meet regularly, and those meetings are always open to all members.

 

Membership participation in Cityview is indispensable to the proper operation of our not for profit corporation. There can be no community democracy if members do not choose to get involved. A significant benefit of a not for profit operation is its lower cost to members. A major fact of this low cost is directly attributable to volunteer effort and creativity.

      

 

How do members participate?

 

Cityview members contribute their knowledge and skills to operate and maintain our home and business. There is an expectation of participation of all member households. Almost every task involved in the day-to-day operation of our apartment complex is performed by a member volunteer, and no job is valued more than any other. Members may volunteer their time vacuuming hallways, weeding the garden, planning the budget, or picking up trash.

 

Currently, contributing members may lower their monthly carrying

charges by taking advantage of our volunteer rebate program. For every hour of 

co-op approved work performed, members may take a $15 dollar deduction from their monthly fees; not exceeding 10 hours, or $150, per month.

 

Ongoing jobs and special assignments are organized and made available to members by our four primary committees: Finance, Buildings, Marketing & Membership, and Grounds. Members are encouraged to attend committee meetings, and participate to the greatest level of their abilities.

 

What are my responsibilities as a Cityview member?

 

Most importantly, all members have to reside at Cityview. Cityview Cooperative apartments are required by our corporate By-Laws to be member occupied. Cityview must be your primary residence, and be legally homesteaded by you. Members must also remain in compliance with the terms of their Occupancy Agreement, the leasing document which allows a member to inhabit a dwelling at Cityview, and all Cityview policies.

        

When you become a Cityview member and move into your apartment, you assume definite financial obligations and responsibilities for its care and maintenance. These include everything from making timely payments of your carrying charges, and following the rules of community living; to day-to-day housekeeping, proper care of appliances, and trash disposal.

        

As members, we are each responsible for maintaining our unit’s plumbing, electrical, and structural systems “from the sheetrock in”. For example, if we have a plumbing problem with our bathroom sink’s faucet; it is our responsibility to fix the problem. If a plumbing problem exists in the wall, outside the sheetrock of our unit, the co-op at large is responsible. This means we are responsible for furnishing our units, as well as any discretionary decoration or remodeling that we do. Structural improvements or remodeling, and the installation of certain appliances, must be approved by the Board of Directors.

      

All members are responsible for their electrical expenses, telephone service, and the insurance of the contents of their apartments. The co-op pays water and sewer, heating, electricity for our common spaces, insurance, real estate taxes, mortgage payments, Wi-Fi basic cable TV and all administrative expenses.

      

 

Speaking of taxes, are there tax advantages to living at Cityview?

 

Homestead Tax Qualification

      

Minnesota Statutes Section 273, 133 provides that owner occupied property owned by a cooperative housing association will qualify for real estate taxes at homestead rates.

 

State Income Tax Deductions

      

Minnesota Statutes Section 290.09(17) provides any resident shareholder of a cooperative housing association with a deduction for his or her pro rated share of the association's interest expense and real estate taxes.

 

Federal Income Tax Deductions

      

Internal Revenue Code Section 216 provides that any resident shareholder of a cooperative housing association may deduct his or her pro rated share of the association's interest expense and real estate taxes on his or her individual Federal Income Tax return.

      

 

Does Cityview allow pets?

       

Yes. Cityview has a comprehensive Pet Policy that defines the responsibilities of all pet owning members.

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