Boston Town Houses Cooperative
20427 15 mile Rd.
Clinton Twp, MI 48035
A throw back to New England days, Boston Towne Houses is located in Clinton Township and is one of the flagships of the affordable housing movement. Boston’s HUD mortgage has been paid off and it is now a market rate cooperative without any restrictions on sale price or income levels, and share loans are available through National Cooperative Bank for people interested in purchasing a unit. Furthermore, all of its capital improvement programs have been completed. Carrying charges range from $300.00 to $378.00 per month with 1 bedroom ranches and 2-4 bedroom townhouse units.
Memberships for Sale
In a cooperative you do not actually purchase the house itself, instead, you purchase a membership or share in the cooperative. As a cooperative corporation, each member of Boston Towne Houses owns a share or membership. After the initial purchase of the membership, members pay a monthly occupancy charge, which covers water, maintenance, capital improvements to the buildings and grounds, real estate taxes, lawn care and snow removal services. Each share or membership allows a person to enter into an Occupancy Agreement and live in a specific home within the cooperative. Membership prices are directly related to the market value of the home they are associated with. Share Loan Financing is available for membership purchases through National Cooperative Bank, share loans are very similar to a regular mortgage. They can amortize over as many as 30 years, and offer competitive interest rates. This cost is comparable to rental rates in our area while allowing members to enjoy many of the advantages of home ownership as well, that being the resale value or equity.
If you are a member who would like to post information regarding your membership for sale, please contact the office and we will be glad to help. If you see a membership you are interested in purchasing, we encourage you to contact the Realtor listed for a showing. To obtain a loan pre-approval please contact Tessa Gaines at National Cooperative Bank at (866) 622-6446, ext. 2454.
Should you have any questions about Boston Towne Houses, including obtaining a membership application, please contact the office at (586) 791-0430, or email us.