ABOUT OUR COOPERATIVE
23777 Kensington Street
Taylor, MI 48180
Phone: 313.291.2080
Kensington Place Cooperative is located one mile south of I-94 and just three miles north of I-75. It's just minutes away from the city and conveniently located near large shopping malls: SOUTHLAND AND FAIRLANE MALL. Many new restaurants, the Taylor Sportplex and Heritage Park are just minutes away. Kinyon Elementary, Truman High School and Kennedy High School are just minutes away. There are many restaurants, grocery stores and other convenient shopping centers located nearby. Nearby are churches, school, recreational centers and the famous "Telegraph Strip" consisting of restaurants and nightspots. Five minutes west of Wick Road brings you to Detroit Metropolitan Airport.
Enjoy every benefit of owning your own home without time-consuming home maintenance! Kensington Place Cooperative brings you this leisure-filled way of life in your choice of three excitingly different home designs. Your new home gives you a paved parking area and much more! Your landscaping is complete. Conveniently located nearby are special play areas for your children to enjoy. All the cares of home upkeep are taken away! No worries about lawn mowing, snow removal, exterior painting, plumbing or electrical work because it is all taken care of by our experienced maintenance staff.
Find out more about the benefits of owning a membership in KPC below:
| What Is A Co-op? | Is It Like Renting? | Is It Like Owning Your Own Home? | What If I Want To Move? | How Can I Become A Resident? | |
A COOPERATIVE ENTERPRISE OWNED BY THE PEOPLE WHO USE IT. Examples are Credit Unions and Mutual Insurance Companies. Kensington Place Cooperative make up a community owned and operated by the residents. Thousands of families in the Detroit and surrounding areas enjoy this modern, cooperative way of living better at less expense. each family has an equal vote in the co-op corporation, which holds title to the property. A Board of Directors is elected by, and from the residents, which establishes standards to insure that the community is maintained as a desirable place in which to live.
TOP OF THE PAGEYES, IN TERMS OF CONVENIENCE. Co-op living is better than renting in many ways:
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You make one monthly payment that includes principal, interest, taxes, insurance, administration, and maintenance of home, landscaping, and playgrounds.
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You don't collect rent receipts - your investment in Kensington Place continues to grow in value.
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It is possible that approximately 75% of your payment will be tax deductible - not so with renting where you get no benefit from your rent dollar.
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Also tax deductible, is the share of cooperative's interest paid by the family, or on their behalf.
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You pay only the actual cost of the nonprofit operation - if you rent, you pay what the landlord can get away with.
IS IT LIKE OWNING YOUR OWN HOME?
YES, BUT IN MANY WAYS IT IS BETTER. As a member of Kensington Place Cooperative you get the advantages of home ownership without the responsibilities.
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Your home is taken care of inside and out except for interior decorating...at no additional cost!!
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You are not personally liable for the mortgage at Kensington Place.
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If you wish to withdraw from membership in the Cooperative, inform the Kensington Place Main Office (that is conveniently located in the heart of the subdivisions), which will resell your membership for a small fee.
HOW CAN I BECOME A KPC RESIDENT?
JUST FILL OUT AN APPLICATION AT THE KPC MAIN OFFICE OR PRINT OUT A FORM ON THE APPLICANT PAGE AND RETURN IT TO THE MAIN OFFICE. You can reserve the house of your choice by making a refundable deposit. A process fee is paid with each application which non-refundable. Applicants must be accepted by the Board of Directors and meet the approval requirements of the Federal Housing Administration. Basically, co-operatives are open to all qualified applicants without restrictions. The total membership equity depends on the unit style of your choice. You receive a Membership Certificate in the co-operative and an Occupancy Agreement for your home. You make your first monthly payment when you first move in.
YOU GIVE 60 DAYS NOTICE. The co-op will buy your membership back or undertake to sell it for you for a $100.00 fee. You receive the equity proceeds of the sale.
