Senior cooperative housing: An alternative housing model to support aging in the community

The preferred living alternative for individuals over the age of 65 is to remain in their homes and communities as they age. Senior cooperative housing offers a moderately priced housing alternative that enables seniors to age in their communities; filling a market need in the spectrum of housing options for seniors who no longer want to maintenance responsibilities of home ownership but are not in need of assisted living. Senior cooperative housing represents a cohousing model, which through the purchase of membership shares, senior cooperative members collectively own the cooperative in which they live. As a cooperative, senior housing cooperatives operate under the principles of democratic control, open and voluntary membership, patronage dividends and a limited rate of return on investment. This presentation will provide an in-depth evaluation of the following successful limited equity senior housing cooperatives: Village Cooperative in Fergus Falls, Minnesota; Village Cooperative in Ames, Iowa and Village Cooperative in Cedar Rapids, Iowa. The variables that will be evaluated include financial benefits/risks, contributions to community housing and community development, direct and indirect benefits to the health and social well-being of senior cooperative housing members, fostering of community engagement, and the prospects and limitations for growth of senior housing cooperatives.