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| Frequently Asked Questions |
WHAT IS HOLLIDAY PARK? Holliday Park Towne Houses Cooperative, is a 694 unit townhouse complex located in the city of Westland. Holliday Park is an unlimited income cooperative community owned and operated by the people who reside here. WHAT IS A COOPERATIVE ? A cooperative is a corporation owned by the people who use it. Holliday Park was incorporated in Michigan in 1965. Each resident has an equal vote in the cooperative, which holds title to the property. Our corporation has 694 resident shareholders, which we call members. HOW IS A COOPERATIVE DIFFERENT FROM OTHER FORMS OF HOUSING? A cooperative is like renting in terms of convenience. When you first become a member you purchase the accumulated equity and improvements from the vacating member. After that you make one payment a month without worrying about taxes or insurance on the property. Unlike a renter, however, a cooperative member gains equity each month, which is added to the value of your original purchase. WHAT WILL BE THE COST WHEN I BECOME A MEMBER? When you become a member, you must purchase the accumulated equity, the membership fee, occupancy down payment and depreciated value of any home improvements. The total amount payable upon move-in is different for each unit based upon its floor plan, age and number of improvements. ONCE I MOVE-IN WHAT WILL BE MY COST? You will need to pay all utilities other than for gas. You will need insurance for all of your personal possessions. In addition, you will be expected to make a monthly payment, similar to rent, which we call carrying charges. The amount of the carrying charges is designed to cover operating costs, maintenance expenses, taxes, mortgage interest and insurance on the property. HOW IS HOLLIDAY PARK MANAGED? Holliday Park does business in accordance with Fair Housing Law. All management is conducted on-site. A volunteer Board of Directors is elected by and from the membership. The Board establishes standards and makes decisions to keep the community a pleasant place to live. Committees made up of residents supplement the Board by providing voluntary services. Holliday Park residents are encouraged to participate in the community by volunteering. WHAT IS THE PROPERTY LIKE? Holliday Park has 7 different floor plans. Some are on a single story while others have two. There are one and two bedroom units on a single story, and two and three bedroom units on two stories. Individual townhouses are clustered into 3 to 7 unit buildings, distributed evenly over approximately 55 acres of property. All have private entrances and basements. Unfortunately there are no models open to the public since we are fully occupied. IS THERE A MINIMUM OR MAXIMUM INCOME I MUST MAKE TO BECOME A MEMBER? There is no ceiling on the amount of income you can make in order to move into Holliday Park. However, we do have Minimum Income Guidelines that are strictly enforced. Under the Minimum Income Guidelines each applicant may qualify as either a "WORKER" or a "NON-WORKER" but not a combination of both. For example, if your primary income were from a regular job you would probably want to qualify as a "WORKER". On the other hand, you may be retired or have sufficient income and assets to qualify as a "NON-WORKER". The choice is yours to decide but understand, your income and credit history will need to be verified and the documents needed to verify income are different for a "WORKER" and a "NON-WORKER". WHERE IS HOLLIDAY PARK? Our property is located on the East side of Wayne road, just South of Joy road in Westland, Michigan. The business office is located in our clubhouse building located at the entrance of the property. The address of the business office is 34850 Fountain Boulevard, Westland, MI 48185. |
| 34850 Fountain Blvd, Westland, MI 48185 |
| Holliday Park Towne Houses Cooperative |