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!
Your understanding of Cooperative living is important. By becoming a member of Farmington Village, you are agreeing to participate in its representative democratic administration. When you close on your new unit, you are given a policies manual, rules and regulations, and a copy of the by-laws. The City of Farmington Hills city ordinances are enforced.
There is a $399-$525 monthly carrying charge. As a limited-equity housing cooperative, Farmington Village Co-op has access to real-estate tax breaks and other financial benefits. That means the co-op can keep the unit prices (about $40,000 to $55,000) and monthly carrying charges within an affordable range.
All members pay the complete price for their shares up front. Unlike a house, you don’t directly own your own home when you move into a Farmington Village Co-op unit. Instead of buying real estate, you are purchasing a membership in the corporation, entitling you to one unit. A standard mortgage is not feasible since there is no real-estate collateral.
Keep in mind that the cost of a unit at Farmington Village Co-op is a fraction of what you would pay for a house or condominium in Southeast Michigan. In fact, the average housing cost in Farmington Hills is $195,000—almost four times the cost of a Farmington Village unit!
* All home purchases are CASH ONLY transactions.
Notice: Farmington Village Cooperative is not accepting any more applications for membership at this time.
The PDF files above contain important information about applying for Farmington Village Membership and the application forms you will need. After reviewing the information you may call our office @ 248-476-3181 with questions or to request an appointment with our selling agent to view available units.
You are welcome to download and print the Farmington Village Membership materials and application. When you complete the application it is important that you fill in each line of the membership application. If a question does not apply to you, please fill in N/A (not applicable). You can bring the completed Membership application with you when you visit or you can mail it to our office when you’re ready and have completed all application requirements and forms. Applications cannot be submitted unless all requested information is included with the application submission. Completed applications are date and time stamped upon verification that all documents and information has been received.
Mailing address: Farmington Village Cooperative, 34476 W. Nine Mile Rd, Farmington Hills, MI 48335
The following positions are currently available. This employment page is updated when new opportunities become available.