Joining a housing cooperative is different from renting an apartment or owning a condominium. Cooperatives are unique because their members own them collectively. Members are not tenants; they are joint owners of their cooperative and are their own landlords.
Each shareholder member owns a share in the corporation which entitles you to occupy a townhouse.
Colonial Square functions under the same principles that guide all other types of cooperatives; representative democratic control, with each membership entitled to one vote in electing a board of directors who administer the cooperatives’ operation and direct the management team. Our residents are called members, they are not tenants.
Owning a Colonial Square townhouse has great economic advantages. Colonial Square has some of the cheapest prices in the city of Ann Arbor. Lower down payment, much lower closing costs and a longer mortgage term all make owning here more affordable than other housing. Members pay monthly for their own electricity, telephone, cable, insurance and co-op carrying charges. Carrying charges cover taxes, city water and operating expenses of the co-op. Being a Member, you are entitled to Michigan's homestead property tax credit and if you itemized your federal taxes you can deduct a percentage from city taxes and mortgage interest.
As a prospective buyer/member it is required that before making an offer on a townhouse that you complete the application process for Colonial Square. The Membership and Residency Policy can be accessed on our website at:
Once your application has been processed and approved you can contact the specific listing agent for the townhouse you may be interested in purchasing. Please be advised that each townhouse that is for sale is either listed with a licensed Realtor or for sale by owner.
Share Loan Contracts
The following institutions offer Share Loans (specific to the purchase of a Cooperative home):
National Cooperative Bank (NCB) (Direct) 937-393-7904
or 800-322-1251 Ext. 2454
South Metro Federal Credit Union 952-445-0888
Amy Lock Ext. 6734 - Email: firstname.lastname@example.org
Colonial Square Cooperative offers 1, 2, 3 and 4-bedroom floorplans in 7 different layouts. To see all the floorplans, click through to the floorplans.
Purchasing a Townhouse
Now is an excellent time to purchase a townhouse in Colonial Square. Colonial Square has some of the cheapest prices in the city of Ann Arbor. Lower down payment, much lower closing costs and a longer mortgage term all make owning here more affordable than other housing. As a Member/Owner you are entitled to Michigan's homestead property tax credit and if you itemized your federal taxes you can deduct a percentage from city taxes and mortgage interest. As a Member of Colonial Square, your monthly carrying charges include all property taxes, major maintenance, lawn care, and city water. This means NO SURPRISES, such as broken furnaces, broken water pipes or water heaters, plugged sewers, or roof leaks. Members are responsible for their own electricity, telephone, cable, insurance and co-op carrying charges.
Insurance Coverage Requirements
In addition to the normal requirements of insurance policy on the residence, your policy is required to have no less than $300,000 personal liability and a $5,000 loss assessment to cover Colonial Square's coverage deductible. Your residence policy must have Colonial Square Cooperative, Inc. named as an additional insured. Proof of insurance must be supplied to the office each year.
Colonial Square allows animals permitted under the Ann Arbor City Ordinance. These are animals such as dogs, cats, birds or small animals commonly classified as pets that are customarily kept in a house.