Below are answers to the questions we hear most often.
WHAT IS COOPERATIVE HOMEOWNERSHIP? Co-op membership/ownership is where individuals buy a share into Kennedy House, Inc. rather than acquiring real property (synonymous with a deed). Members/owners in the Kennedy House Cooperative have exclusive rights to their particular unit through an occupancy agreement with the cooperative corporation. With this contract, the member/owner agrees to comply with the cooperatives’s by-laws, house rules and to pay a monthly maintenance fee. Kennedy House is an Open-Market cooperative which means cooperators can sell directly to eligible buyers.
DOES KENNEDY HOUSE HAVE TO BE MY PRIMARY RESIDENCE? No, Kennedy House does not have to be your primary residence. It can be used as a part-time residence.
CAN UNITS BE PURCHASED BY A CORPORATION OR TRUST? A Kennedy House co-op must be purchased by individuals and cannot be bought by a corporation or trust. However, the Board of Directors, in its absolute discretion, on a case by case basis and without having any precedential effect, may waive the requirement that a member be a natural person in order to allow an irrevocable trust for the benefit of a specific natural person or persons to be a member of a Residential Unit. Anonymity in a cooperative, therefore, is not possible.
CAN UNITS BE RENTED OUT? No. Kennedy House only has member/owner occupied units.
ARE PETS ALLOWED? Kennedy House permits no more than two (2) domestic cats, caged birds, and fish in the Residential Units.
IS ON-SITE PARKING AVAILABLE? Yes. The parking garage offers on-site valet or self-park options for residents at a discounted rate. There is also a discount for week-end and weekday evening guest parking.
IS THERE A KENNEDY HOUSE CO-OP BOARD? WHO IS THE BOARD GOVERNED BY? Governance of the building is through a Board of Directors, elected by the membership, whose responsibility it is to oversee the management of the building.
IS FINANCIAL APPROVAL FOR THE PURCHASER REQUIRED FROM THE BOARD? Yes. The prospective buyer will complete financial documents received from the building and must meet financial criteria to qualify for membership.
WHAT IS THE ADMINISTRATIVE FEE FOR, WHEN IS IT PAID AND CAN IT BE FINANCED? The Kennedy House Administrative Fee goes towards the reserves of the building. The administrative fee is paid at the time of purchase and is currently $20/sq. ft. The rate is reviewed periodically by the Board of Directors and adjusted when appropriate.
WHAT IS INCLUDED IN THE MONTHLY FEE?
This fee is to support the common operating expenses of the community. It includes but is not limited to all utilities, water, building insurance, real estate taxes, maintenance package and Basic Cable TV
DOES MEMBERSHIP PROVIDE THE BENEFIT OF TAX DEDUCTIONS? Yes. At the end of each calendar year, all Kennedy House members/owners receive a summary of the Annual Audit and a form 1098 reporting their share of Real Estate Taxes and interest on the Mortgage.
CAN UNITS BE RENOVATED AND UPGRADED? Yes. Units can be completely upgraded by members/owners; however, a Unit Alteration Agreement must be obtained from the Management Office and must be approved by Management.
CAN MEMBERSHIP/OWNERSHIP IN KENNEDY HOUSE BE FINANCED? Yes. Currently financing can be obtained through First Trust Bank. Marc Pruzan 610-238-5018 mpruzan@firstrust.com
