One of Ann Arbor's few cooperative developments is going condo.
The Village has been a co-op since it was built in the mid 20th Century. That changed after 314 of the 378 co-op owners on the city's east side voted to switch to a condo format.
Co-ops generally act as one large union of residents in a development and operate as a non-profit. Co-op dues pay for everything from taxes to improvements, which means monthly dues are typically higher than those for condo associations, which generally only handle upkeep of the property.
Condos are far more common than co-ops in Michigan. Co-ops are normally found in larger cities, such as New York.
Source: The Village
Writer: Jon Zemke
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.