Cooperative Housing Indianapolis Apartments

Our Housing Cooperative

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Our housing cooperative is a legal body, corporation that owns real estate, consisting of one or more residential buildings. Each member of the complex is entitled to a housing unit, subject to an occupancy agreement, which is very much like a lease. Our occupancy agreement and members handbook specifies the co-op's rules.

Legal status

As a legal entity, our co-op can contract with other companies or hire individuals to provide it with services, such as a maintenance contractor or a building manager. A shareholder in a co-op does not actually own real estate, but a share of the co-op property that does own real estate.

Management

In our co-op, the membership will choose a group of existing members, volunteers called the Board of Directors. The board normally elects its own officers, such as a president and vice-president. Our board may then institute standing committees from among the members, who usually also volunteer their time, to either handle the business dealings of the property or make recommendations to the full board at their scheduled meetings.

Finance

Our housing co-op is known as de facto non-profit cooperation, since usually most of its income comes from the rents paid by its members. It is usually easier said than done to start a housing co-op because if the goal is, for instance, to build a building or group of buildings to house the members, this usually takes a considerable mortgage loan for which a financial institution will want a guarantee of responsibility.

Kingston Square Homes Inc. currently has a Board of Directors that consists of seven Kingston Square residents. Board members are elected yearly by membership, all board positions are voluntary. The Board of Directors set policy as outlined by the Articles of Incorporation and the By Lays of the Kingston Square corporation.

The Board of Directors contract management services who in turn carry out all day to day activities. Currently, Tim Helmick, is the administrator governing Kingston Square Homes Inc.

Mr. Helmick's staff promotes quality living with strong customer service objectives. Office, maintenance and security personnel strive to make every day a wonderful experience for everyone connected with Kingston Square Homes.