What is Townhouse Plaza Cooperative?

Townhouse Plaza Cooperative is a non-profit corporation which combines the quality of owning your own home without the hassle of maintaining one. It is a complex of 217 townhouse units located in beautiful Clinton Township, on the east side of Kelly Road just north of 15 Mile Road. Each family who resides in one of the town homes owns one share (a membership share) in the Cooperative. A membership share entitles you to an equal ownership in the Cooperative, and one vote in the operation of the Cooperative.

What is a Cooperative?

A Cooperative is a group of people working together and jointly operated by its Members. They own a membership certificate in the corporation, giving them the right to occupy a dwelling unit and may participate in the operations of the corporation. The cooperative housing corporation owns the total property. It is a, not for profit corporation.

Ownership

Each resident-to-resident household has membership in the Cooperative Association of members. Members have occupancy right to a specific unit within the cooperative as outlined in the “Occupancy Agreement”. Townhouse Plaza Cooperative follows its’ own Mission that Cooperatives are democratic organizations where each shareholder has only one vote. Most Cooperatives are incorporated as limited stock companies where the number of votes an owner has is tied to the number of shares owned by the person. In Townhouse Plaza, only one share is allowed to be purchased at this time and must be inhabited by the shareholder as a principal residence according to Townhouse Plaza by laws. The current form of voting at Townhouse Plaza is required yearly among the shareholders to determine who will represent them on the Board of Directors, which is the governing body of the Cooperative. The Board of Directors is generally responsible for the business decisions, including the financial requirements and sustainability of the Cooperative. Decisions depend largely on the wishes of its Members, and as a general rule, a majority vote of the Board of Directors is necessary to make business decisions.