What is a cooperative community?
Housing cooperatives are a distinctive form of ownership that are membership based. They combine the pride and benefits of home ownership with the convenience and cost efficiency of community living. As a non-profit, The American Club is owned and controlled by its Members (residents), which protects the cooperative’s long-term property value and affordability.
The American Club is a limited equity cooperative partnering with the U.S. Department of Housing and Urban Development (HUD) to secure the financing of the cooperative through a master mortgage. This is the cooperative’s guarantee the project will be financed. In addition, The American Club works closely with HUD to ensure the completion of the cooperative.
As a Member, you are issued a share in the cooperative which gives you the voting rights to elect the cooperative’s Board of Directors. Each home represents one voting share. While the cooperative holds the title to the property, members have an exclusive right to occupy their home through their ownership in the cooperative.
How do I begin the process of joining The American Club?
The first step is to complete a Reservation Agreement to receive your priority number. Priority numbers are issued on a first-come, first-served basis. Upon executing the Reservation Agreement, a 100% refundable $500 deposit is required. This deposit will be held in an escrow account and is cancelable at any time by either party. Visit The American Club sales office at 2800 Greenhaven Road, Anoka, MN 55303 to secure your priority number. The sales office is located in the Clubhouse of the Green Haven Golf Course.
What are your sales office hours?
The American Club sales office is located in the Clubhouse of the Green Haven Golf Course at 2800 Greenhaven Road, Anoka, MN 55303.
Sales office hours are Monday-Thursday, 10 am to 2 pm, or by appointment. Call 763-225-1000 to make an appointment.
How much does it cost to purchase a membership in The American Club?
There are two primary costs associated with your Membership, the Share Price and the Monthly Fee. The Share Price, which is your equity in the cooperative, is based on your Home Plan selection and represents approximately 40% of the Est. Home Value. The Share Price is required to be paid when the Subscription Agreement is executed. In addition, Members pay a Monthly Fee to the cooperative. The Monthly Fee primarily consists of your portion of the master mortgage payment, required mortgage reserves, real estate taxes, operating expenses, insurance for the cooperative, utility costs, excluding electric, and professional management fees.
Visit The American Club sales office for Home Pricing and Monthly Fees.
Does my share value appreciate?
Your initial Share Price appreciates 3% per year until you sell. This amount compounds annually. A $750 fee is charged by the cooperative for marketing and selling your home.
What are the tax benefits of a cooperative?
The benefits are identical to those you enjoy in your single-family home. Generally, the real estate taxes and mortgage interest are fully tax deductible. However, please consult your tax advisor to better understand the specific benefits to you.
Can I customize my home?
Absolutely. While we believe The American Club homes are beautifully designed with wonderful amenities, we realize you will want to make your home your own.
Who is developing and managing The American Club?
The American Club will be developed and marketed by Gramercy Development Companies and managed by Ebenezer Management Services.