Who is Quail Valley Cooperative?
Quail Valley Cooperative is a cooperative corporation formed in 1976. We are governed by a Board of Directors and made up of 100 families who enjoy the benefits of cooperative living.
What is a cooperative?
Our cooperative is a corporation designed to provide affordable housing to its members. To move into an apartment or townhouse, a prospective member purchases the membership ($605) from the member moving out, and pays them the equity value in the townhouse, and the improvement purchase price, if applicable. Members pay a monthly carrying charge (rent) and Quail Valley Cooperative, Inc. takes care of all the legal and financial responsibilities of the cooperative. Members may claim a percentage of the mortgage loan interest on their income tax return.
Is it like owning a house?
Yes, in many ways. An individual owner has to be a handyman, and has to foot the bill for repairs but at Quail Valley Townhouses your home is taken care of for you, except for redecorating. Individual owners are personally liable for their mortgage, while at Quail Valley Townhouses you have NO personal liability for the cooperative's mortgage.
It's expensive and time-consuming to sell an individual house, if you can find a buyer. Broker's fees and other costs often run 10 percent of the sale price. At Quail Valley Townhouses, you give notice if you want to move and a modest resale charge is all you pay.
What is membership?
Purchasing membership in the cooperative gives you the right to execute an Occupancy Agreement, which is similar to a lease, and to move into the cooperative.
How to become a member
You may fill out an application at the cooperative offices to subscribe for a membership in Quail Valley Townhouses. Each applicant must be approved by the standards established by the Board of Directors and must meet income and credit requirements of the Federal Housing Administration. As a basic principle, cooperatives are open to all qualified applicants-Without restrictions. A cash investment buys your membership in the cooperative.
What is equity value
Equity value is the amount of equity that is written into the by-laws of the corporation. The equity has been frozen and no longer increases each month.
Lenexa, KS 66215