I am reasonably sure that all of us who have ever inquired about Park Forest's unique Co-op's really asked that question. What is a Co-op? Co-op living offers a most unusual lifestyle, let us explain.

Cedarwood Cooperative, Inc. is an Illinois not-for profit business, and must be operated accordingly. Your Membership Certificate represents one share of stock in the Corporation and is bought and sold like other stock with one difference. The difference is the membership certificate is sold by the outgoing member to the incoming member. The Certificate of Stock (Membership Certificate) entitles you as the member to dwell (live) within a specific unit. The Membership Certificate transfers to the incoming member upon the sale of the unit. The office transfers the certificate from the outgoing member to the incoming member for the $200.00 membership fee.

You as a member own one share of stock in Cedarwood Cooperative, Inc., and this entitles the member to one vote as well as to live here and participate in the Board Meeting held on the third Thursday of each month at the Cedarwood Center at 2220 Western Avenue. The meetings begin at 7:00 p.m.

The price paid to purchase a unit is negotiated between the seller and buyer and is based on any improvements, appliances, carpeting, etc., contained therein. The monthly carrying charge is combined with other members and used to operate the corporation. Each member is entitled to their proportionate share of Real Estate Taxes, interest on the mortgage payment which is deductible on your income taxes each year when filing the long form. Energy credits apply for those items that are applicable.

While the maintenance of the buildings exteriors, heat, and air-conditioning systems, hot water heaters, plumbing, and wiring are the Co-op's responsibility. Our members are free to individually redecorate their units to compliment their personal tastes and lifestyles. An "Alter Dwelling Unit" form must be completed prior to altering a unit. All improvements must meet Village code.

The Co-op also maintains the public areas (malls) grass, trees, etc., but each resident is encouraged, in fact, urged to landscape their area and to keep a beautiful, well cared for lawn.

Cedarwood Cooperative (co-op) is a self-governing body, the rules, guidelines and limitations, are set by members. Members are expected to read and follow the rules set forth. Members are also encouraged to become active in some phase of our "volunteer" programs. Cedarwood thrives on the talents and ideas of our members. Our carrying charges are considerably less than rent or house payments because of the "gift" of the member who volunteers. Along with these things also comes a pride of ownership.

This is basically what a housing Cooperative is. If you feel that it fits your housing needs, please fill out the application for membership and submit it to the office.

Each member of Cedarwood Cooperative owns one share and has one vote in the corporation. The cooperative corporation holds title to the property and is responsible for the mortgage. A Board of Directors is elected by and from the members. The directors set policy, establish rules and determine how money is spent.

To qualify for membership you must meet the income and credit standards established by the Board of Directors. Upon approval for membership, you may then purchase a share from a current member. All transactions are completed though the co-op office. As a member of the corporation, you and your family have the right to occupy a specific dwelling. You will receive both a Membership Certificate and an Occupancy Agreement. The corporation is governed by a set of By-laws and House and Grounds Rules.

For more families like your own the search for a truly satisfying home leads directly to those charming townhouses in the garden-like setting of Park Forest. Here is the privacy you want, the convenience you have been seeking and the neighborliness you hoped to find. These requirements are not only met, but they are also combined with the many advantages of cooperative ownership.

Your Park Forest Cooperative townhouse reflects your personal preferences both inside and out. You create the setting you want for better living. It's easy here, because the layout is thoughtfully planned and the rooms are bright and spacious. You are responsible for the interior decoration of your home and landscaping of your yard. Your individual tastes may be reflected in the interior and exterior of your home.

You are not paying a profit to a landlord. Instead, your family pays only its share of the actual costs of owning, operating and maintaining the Cooperative property. This amount is determined by a realistic budget on a not-for-profit basis.

As you know, if your family rents a house or an apartment, there are no tax advantages. Under this plan, your share of the mortgage interest and real estate taxes can be deducted from your taxable income.

The Cooperative, not the member, is responsible for the mortgage. You have no more personal liability for the mortgage than if you leased a house or an apartment.

Maintenance service is provided to members during normal office hours. The Cooperative's professional maintenance staff is also available to treat emergency calls on a 24-hour basis.

Check and compare the many benefits Cooperative ownership promises. That you and your neighbors are the sole owners of this multi-million dollar Corporation makes for cooperative control and shared pride in establishing and upholding the community standards.

Park Forest's Cedarwood Cooperative Townhouses offer you a home that is individual and self-contained, attractively decorated…and a setting that combines privacy and park-like beauty in the public and private lands.