A "housing cooperative" is a non-profit corporation which wholly owns a large housing development, but instead of the stock being owned by outside investors, each owner/resident owns an equal share of the stock. In the 1960's, 373 low-income families each purchased a share of Concord Village for $1000, and the remaining construction costs were financed via a HUD low-interest loan. The combination of tax incentives and low interest financing means that each owner only pays a few hundred dolllars a month for their share of maintenance and remaining loan obligations.
Concord Village is the last remaining HUD financed co-operative housing community in the state of Arizona. While thousands of HUD funded housing cooperatives have been created all over the US in the past fifty years, only five were ever built in Arizona, and the other four have since either become fully private or have deeded their units to owners.
Due to our unique ownership structure, our residents receive all of the benefits of apartment living (low fixed costs with no surprises) and home ownership (tax benefits, long term return on investment, financial incentives to improve your unit), plus other ingredients missing in both, including group buying power, high owner-occupancy, and pride of community.
Concord Village is an extremely affordable place to live and play in the very heart of where Tempe, Scottsdale and Phoenix converge. Today, when units become available, new owners currently pay about $10,000 to purchase stock in the whole project, and then enjoy a low monthly maintenance fee to live in the complex, depending on size of the unit and your annual income.
This spirit of a cooperative is different because it inspires greater community awareness and involvement, so neighbors are invested not only in the cooperative that they own a percentage of, but also in each other, and often in the broader or even global community. Concord Villiage is a completely unique community in the area, because ALL of our units are owned by the people who actually live in them. By contrast, due to extensive investor interest in the highly desireable Tempe/Scottsdale corridor in recent years, other area condos and multi-family complexes have a very low ownership percentage, ranging from 0-60%, which often translates into more transient and less connected communities.
Concord Village is a member of the National Association of Housing Cooperatives, which has excellent information about the nature of cooperatives. Below is a list of additional valuable articles and resources: