What is a Cooperative?
Londonderry was the first cooperative independent living retirement community on the Eastern Shore of Maryland. There are less than 98 senior cooperatives in the U.S. and only two in Maryland. Cooperative senior housing is a unique option for people seeking a retirement lifestyle while maintaining control over their investment because in this resident-driven culture:
- The Londonderry cooperative community offers the financial benefits of real estate without the burden of home maintenance.
- All real property (housing and common areas) is actually owned by the corporation with a fee simple title.
- Membership in the corporation is achieved through the issue of a stock certificate and an Occupancy Agreement (lease).
- Cooperative owners have a say in how the community is managed and operated.
- As a shareholder in the cooperative, residents may recoup all of their initial investment, plus appreciation, dependent upon the market’s performance.
Located on the original tract of land granted in 1667 to citizens from Ireland seeking independence and the freedom of choice, Londonderry remains dedicated to those same ideals today.
“Almost exactly two years ago we made the decision to move to Londonderry based on what we had learned of its cooperative structure, its facilities and its programs. All of these have lived up to, and in some cases, vastly exceeded our expectations, but our experience was that our fellow residents would turn out to be a group of some of the friendliest, most interesting and talented people we have ever met, an impression only reinforced as newcomers have joined as time has passed. The only regret we have is that our family situation and responsibilities made it impossible to have considered the move earlier.“
—David and Mary Ann Hazen, Londonderry Residents since 2014