…Creating community excellence one member at a time…
About our Housing Cooperative
Cedarwood Cooperative, a non-for-profit organization is one of five cooperatives in Park Forest. The five cooperatives, along with other condominiums and rentals in the area, were projects originally constructed with the purpose of providing housing to the military during World War II. According to the Park Forest Historical Society, Park Forest was the first post-World War II planned community. The community planning included schools, churches, shopping and homes. Housing Cooperatives are not new concept. The first housing co-op was organized in New York in the late 1800’s. There are more than 1.2 million cooperatives in the United States alone, and its members are of all income levels. The cooperatives themselves also come in many shapes and sizes. They include town homes, hi-rises, and single family homes, just to mention a few.
A cooperative is a business entity, usually a corporation; that is formed when people unite together on a democratic basis to own and control the housing in which they live. This is accomplished through governance by a volunteer Boards of Directors. The boards are elected from the membership. In addition to the board, we may from time to time, form committees. Our Board of Directors holds board meetings monthly. These meetings are held at the Cedarwood Center, which is located at 2220 Western Avenue, Park Forest, IL. Usually a co-op will also hire management to handle all the day to day operations of the corporation.
When you purchase a co-op, you are purchasing a membership, or one share of stock. This entitles you to one vote. Each member, or stockholder, is issued a Membership Certificate and the member is granted the right to occupy one unit. Members are expected to follow the rules and regulations associated with cooperative living. Members are encouraged to become active in some of our volunteer programs.
We are a fair market cooperative. For an initial modest price, you can purchase your own co-op unit. The purchase price is negotiated between the buyer and the seller. The agreed price is usually based on the number of bedrooms the unit features, home improvements, appliances, and special features contained therein.
Every month, the member pays a monthly assessment (carrying charge) that is set by the Board of Directors. The carrying charges cover each member’s proportionate share of the operating expenses of the corporation. These expenses may include property taxes, mortgage payments if any, management costs, maintenance costs, property insurance, contributions to funds, etc. Our carrying charges are lower than other cooperatives and are considerably less than rent and mortgage payments. Monthly assessments at Cedarwood range from $376 to $486.