What’s a co-op? And other FAQs
What does Zvago mean?
Our name (pronounced zuh-VAH-go) derives from the Italian word svago, meaning fun and relaxation. That’s what you’ll find here – a place where you’re free to pursue your own interests and activities as part of a lively, engaged community of neighbors and friends.
What is a housing cooperative?
It forms when people join together on a democratic basis to own and control the buildings in which they live. They establish a corporation and pay a monthly amount that covers operating expenses.
Why do cooperative members need to participate?
Commitment to and involvement in the life of the cooperative community define this type of housing. For a cooperative community to work, all members participate on some level, bringing their skills and interests to the group to benefit the entire cooperative. Prerequisites for being a cooperative contributor are simple: enthusiasm, a willingness to listen, and the capacity to work with others. From gardening to finance, coordinating Zoom meetings to organizing social events, marketing to policy setting, there’s a committee or task for you.
How does a cooperative differ from a condominium?
Our ownership model differs from a condominium. In a condo, you own your individual unit and everything in it. But in a housing cooperative, you own a share, or certificate of membership, in the cooperative corporation that owns and operates the entire development. Because the cooperative owns the building and everything in it—except for your personal belongings—repairs or replacement of standard fixtures, appliances, and finishes are taken care of by the cooperative.
What are the benefits of cooperative living?
A supportive community: Neighbors and friends share their time and talents to enrich the lives of all members.
Taxes: Members receive the same tax benefits as a single-family homeowner: You may take annual deductions on your income tax for your portion of the cooperative’s master mortgage interest and property taxes as tax laws allow.
Access to next-stage living: As we age, all Zvago St. Anthony Park members have priority access to comprehensive continuum-of-care communities owned and managed by Ebenezer Senior Living.
Who governs the cooperative?
The members, as a group, are democratically responsible for overall cooperative governance, including electing the board of directors, amending the bylaws, and making decisions about the cooperative’s jointly owned property. The board is responsible for the operation of the cooperative, hiring and overseeing management, setting budgets and policies, and approving candidates for cooperative membership.
Zvago St. Anthony Park has two management staff: the Cooperative Living Manager and a Maintenance Technician. Although the cooperative pays their salaries, they are employees of Ebenezer Senior Living, our property management company.
What happens when I sell my share, and what will it be worth?
You must notify the cooperative in writing of your intention to sell, or transfer, your share. The cooperative then has an option, but not an obligation, to purchase your share. The Cooperative Living Manager will assist you in finding a buyer from our Reservation List.
If the cooperative does not purchase your share or find a buyer for it, you may sell the share to any qualified person duly approved by the Board as a member and occupant. You are responsible for the monthly charges until your share is resold and the new member has signed an Occupancy Agreement.
Because Zvago St. Anthony Park is a limited-equity cooperative, each share’s transfer value is determined annually according to a set formula. Annual value increases—ours is 2 percent—are limited to make this type of housing more affordable to buyers than it would be in an open market.
Can I remodel my individual unit?
Before members alter or remodel their unit, the Board requires written approval. Redecorating may be done at any time without prior approval.
Are there garage stalls and storage spaces for every unit?
One garage space comes with every membership; any additional open stalls are available for a monthly fee. The garage stalls accommodate storage cabinets, available for purchase. In addition, any available storage spaces on the upper floors may be rented for a monthly fee.
Are pets allowed?
Standard household pets (dog, cat, bird, or fish) are allowed as long as they meet all provisions of Zvago’s pet policies, including size, which is limited to 50 pounds.
Is this a smoke-free community?
Yes, Zvago St. Anthony Park is a smoke-free community. Smoking is prohibited everywhere on site, including in units and common areas as well as on the grounds.
