FAQs
What is a Senior Housing Cooperative?
Buy-in ownership in a housing community specifically planned for those who are 55-years and older.
Why choose a Senior Housing Cooperative?
A senior housing Cooperative such as Cardinal Pointe of Oakdale is owned and governed by the resident members. Cardinal Pointe offers a lifestyle of comfort, security, and freedom from the worries of home maintenance. Controlled access and ease of living are high priorities in both the design and ongoing operation of the Cooperative.
Equity Type?
This particular cooperative is not financed by HUD. This means you purchase a share of the Cooperative assigned to your unit.
What is a Cooperative and Who Owns It?
A cooperative is a not-for-profit community jointly owned by its members. Each member purchases an equity share, which provides the benefits of home ownership without the hassle of maintenance, fostering a supportive and collaborative living environment.
How Does It Work?
Members purchase an equity share, which entitles them to occupy a home and participate in the cooperative’s operations. Equity grows over time, and members enjoy an active, social lifestyle through various community activities and shared interests.
How Does Owning in a Cooperative Compare to Renting?
Cooperatives offer lower costs, tax benefits, equity growth, and stability, unlike renting. Members also enjoy a greater sense of control and community involvement.
Is Cardinal Pointe a HUD or income-restricted property?
No, Cardinal Pointe is not a HUD property and does not offer income-restricted housing. We are a privately managed senior living cooperative with membership options designed for independent adults aged 55 and older
What is the difference between a HUD property and Cardinal Pointe?
- HUD Property (Income-Restricted Housing): HUD (U.S. Department of Housing and Urban Development) properties offer government-subsidized housing based on income. Rent is typically adjusted according to your income, and certain eligibility requirements must be met.
- Cardinal Point: Our cooperative is a market-rate, independent senior living community. Membership costs and monthly fees are not based on income. We offer a maintenance-free lifestyle with a vibrant community atmosphere, designed specifically for active adults.