Independent Management of Properties and Communities (IMPAC) has become the preeminent property management service provider in New Jersey over the past 30 years. Based in Manchester and serving property owners across the state, IMPAC’s knowledgeable team of professionals offers expertise in managing many types of properties, including housing cooperatives.

1. A LOOK AT HOUSING COOPS

2. 
Independent Management of Properties and
Communities (IMPAC) has become the
preeminent property management service
provider in New Jersey over the past 30 years.
Based in Manchester and serving property
owners across the state, IMPAC’s
knowledgeable team of professionals offers
expertise in managing many types of
properties, including housing cooperatives.

3. 
A housing cooperative, or co-op, is typically a
nonprofit organization established by the residents
of a community who want to pool their resources
to cover the costs and operating expenses of the
facilities where they live. Common in U.S. cities
since the late 19th century, housing co-ops are
democratic groups with elected volunteer leaders
who typically collaborate with a third-party
property management company to take care of
the operational tasks, such as insurance,
maintenance, mortgage payments, property taxes,
utilities, and contributions to reserve funds.

4. 
While housing co-ops in the modern era can
be in any locale and include any type of
housing, including high-rise apartments, a
block of townhouses, mobile home parks, and
more, many urban co-ops that own apartment
buildings require new members to purchase
“shares” in the co-op, much like a corporation.
Members then sell those shares, which may
be worth more or less than the principal, when
leaving the co-op.