Farmington Village Cooperative (FVC) is a non-profit corporation which has operated within a certain criterion for over 50 years. FVC is a self-governing body and self-managed corporation where members set the rules, guidelines and limitations, as well as adhere to the founding documents. The FVC Board of Directors is an elected body consisting of (7) persons all working as a team to oversee the daily operations as well as large capital improvement projects.
FVC residences are not considered real estate since each specific residence (unit) is equal to one share of stock in the Corporation. With the purchase of the Certificate of Stock (Membership Certificate), your share of stock as a member of Farmington Village entitles you to one vote in deciding issues facing the Cooperative Corporation, as well as to live here and participate in the Board meetings. Each unit equals one vote.
It is important to note that Farmington Village is an all-cash only transaction. Your share cannot be used as collateral, nor does Farmington Village allow share-loans. Farmington Village has been successfully operated in this manner since its Incorporation.
While Farmington Village proudly abides by all Fair-Housing Laws, Cooperatives are generally operated in a more restrictive manner than conventional multi-family residential communities in order to provide peaceful, quiet enjoyment of the property. In addition to the credit worthiness of a potential Shareholder, who must agree in writing to abide by the rules and by-laws of the corporation, Farmington Village also requires criminal background checks on every person (occupants 18 years or older) living within the unit.
One of those restrictions is that since all FVC Shareholders have a vested interest in maintaining the viability of the buildings and grounds (financially and esthetically), FVC does not allow any subletting (renting) or flipping (short term stay) of any FVC units for profit gain.
Farmington Village is a Limited Equity Cooperative. The price paid for an FVC unit is the transfer value at the time of the sale, plus the current value of any authorized improvements that the outgoing member may have completed in the unit which meets local, state, and federal building codes. This allows FVC to offer an outstanding housing opportunity for much less than the average cost of similar realty housing.
A monthly carrying charge based on the square footage of each residence is used to operate and maintain all FVC property and amenities. In addition, the same charge covers heat, water, taxes, maintenance and replacements of certain items on the unit interiors by our in-house maintenance staff, including furnaces, hot water tanks, plumbing, electrical, FVC supplied appliances and structural repairs. Exterior care includes lawn, tree and shrubbery [except private patios and front garden areas], pool, trash removal, parking lots, snow removal on streets and common sidewalks [except member’s porches and approaches], outside painting, seasonal clean-up and hedge trimming.
If this lifestyle seems as sensible to you as it does to us, please fill out an application for membership and submit it to the office. We look forward to welcoming you to Farmington Village!