Riverside Cooperative FAQs

You've got questions? We've got answers. However, if you have a question that you don't see answered here, please contact us and we'll be happy to assist.

What is a cooperative? 

Our cooperative is a non-profit corporation designed to provide affordable housing to its members. To move into a townhouse, a prospective member purchases a membership from the cooperative, and pays the equity value in the townhouse. Members then pay a monthly carrying charge, much like rent. The cooperative then takes responsibility for the care of all the legal and financial obligations.

How do I join and become a member? 

Purchasing membership in the cooperative is similar to becoming a member in a credit union or other similar institution. Owning the membership gives you the right to execute an occupancy agreement, which is similar to a lease, and to move into the townhouse. Click here for the monthly rates on our different floorplans.

In order to purchase a membership into the corporation, and prior to taking possession of your townhouse, you must pay the $345 Membersip Fee along with the equity value that has accrued for a specific unit style. You can see the current equity schedule below. Don't forget ... members may claim a percentage of the mortgage loan interest and real estate tax on their income tax return.

What is equity value?

Equity value is the equity that has built up in the townhouse since 1974. The equity schedule was written into the by-laws of the corporation when it was formed. When you vacate the townhouse, the prospective member pays the membership and the present equity value of the townhouse through the corporate office

2023 Equity Schedule

2023 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

2024 Equity Schedule

2024 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

In addition to the $345.00 Membership:

Equity Increases 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
Equity Increases Each Month$10.17$13.50$14.58$15.33
Equity increases yearly:$122.04$162.00$174.06$183.96

*Discounted memberships may be available contact office manager for details.

The one-bedroom townhouse's equity value increases by $10.17 each month.
A member earns $122.04 each year he/she lives in a one-bedroom unit.

The two-bedroom townhouse's equity value increases by $13.50 each month.
A member earns $162.00 each year he/she lives in a two-bedroom unit.

The three-bedroom townhouse's equity value increases by $14.58 each month.
A member earns $174.06 each year he/she lives in a three-bedroom unit.

The four-bedroom townhouse's equity value increases by $15.33 each month.
A member earns $183.96 each year he/she lives in a four-bedroom unit.

Are there income limitations?

Since we are government subsidized housing, we offer extremely affordable housing options for many individuals and families. HUD has established income limitations in order for households to qualify for this type of housing. See the chart below for HUD's income restrictions.

Section 8 Income Eligibility — uses either extremely-lowvery-low, or low income limits.

Income Elgibility Chart for the Kansas City metro area:

1 Person 2 People 3 People 4 People 5 People 6 People 7People 8 People

Very Low
Section 8 Qualify

$33,900 $38,750 $43,600 $48,400 $52,300 $56,150 $60,050 $63,900

Extremely Low
Section 8 Qualify

$20,350 $23,250 $26,150 $29,050 $32,470 $37,190 $41,910 $46,630

Section 8 Qualify

$54,250 $62,000 $69,750 $77,450 $83,650 $89,650 $96,050 $102,250

What is your tenant selection policy (TSP)?

It is our policy to strictly adhere to The Fair Housing Act, the Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of 1988. No applicant shall be discriminated against or denied housing because of race, religion, color, sex, race by association, familial status, national origin, ancestry, or disability.

Qualification Criteria: The following criteria must be met before any potential buyer can be accepted. This includes any household members over 18 years of age who may be added after a member has moved in. All decisions regarding the acceptance of new members will be made by management.

The full TSP is available at our office, but the following points are a brief summary of our qualifications ...

  • The applicant(s) has an acceptable rental or mortgage history.
  • The applicant(s) has an acceptable credit rating or history.
  • The number of persons in the household does not exceed the member occupancy limit guidelines established by the Cooperative.
  • The applicant's total monthly household income is at least 4 times greater than the monthly carrying charge.
  • The applicant's total household income is below HUD's current income ceiling.
  • No applicant or household member has been convicted of a felony or misdemeanor within the last five (5) years.
  • No applicant or household member has a history of acts or threats of violence or criminal activity, including drug-related activity, or is a life-time registered sex offender.
  • No applicant or household member has a history of or is currently involved in anti-social behavior or illegal use of drugs or whose behavior from abuse of alcolhol/drugs or pattern of abuse of alcohol/drugs may interfere with the health, safety, and right to peaceful enjoyment of the property by other residents or create a sense of insecurity or discomfort among current members.
  • Admission applications will be rejected for any household containing a member(s) who was/were evicted in the last three years from federally assisted housing for alcohol or drug-related criminal activity, unless the member(s) has/have successfully completed an approved, supervised drug or alcohol rehabilitation program (appropriate documentation of the successful completion of a rehabilitation program is required.) or the circumstances leading to eviction no longer exist.
  • Applicants must provide a social security number and documentation for all household members.
  • Preference on the wait list is given to applicants who have been displaced by government action or a presidentially-declared disaster.

Do you allow pets? 

Yes, we do! Dogs and cats are welcome to join our community. There are no size or weight limitations, however we do limit the total number of pets to two per household. There is a refundable $50 pet deposit required for each pet.

What happens when I move away from Riverside Townhouses?

If and when you choose to move, you are responsible for paying a nominal resale fee to the cooperative, and some reconditioning expenses. However, we refund the membership and equity you paid at move in, and all the equity it accrued while you lived here, minus anything you owe the cooperative. This is a great benefit, as you receive a return on your initial investment.

What's the difference between renting, owning, and being in a cooperative?

Monthly Cost Your monthly payments are amazingly low. You pay only actual costs. The tenant must pay what the landlord asks The owner's monthly expenses are much higher.
Total Cost Your costs are cut to the bone: longest mortgage terms, special low interest rate. The tenant's rent includes high cost of commercial construction and financing. The owner pays for higher mortgage interest rates, uncontrolled profits, closing costs.
Ownership You and the other townhouse residents are the sole members of the property. You occupy the home of your choice for as long as you wish. The tenant owns nothing (except a file of rent receipts). The owner is completely responsible for his/her house.
Liability You have no personal liability — you sign no mortgage or note The tenant has no personal liability. The owner is personally liable for the mortgage and note.
Maintenance Your cooperative takes care of your townhouse inside and out (except redecorating). The tenant has no control over maintenance standards. The owner is fully responsible for all repairs.
Management Your household and every other household each have one vote in an election of directors. Business affairs are handled by a professional management firm. The tenant has no voice whatever in management. The owner alone is responsible for all decisions ... and mistakes!
Community Control The elected Board of Directors help establish policy, rules, and standards for your community. The tenant has no control. The owner has no jurisdiction except in court.
If You Have To Move You give notice, and your cooperative may help you sell it, for a small fee to cover overhead expense. The tenant is bound by a lease drawn up by his/her landlord. The owner must sell his/her own house and pay larger brokerage fees.
Increase In Value Your membership can increase in value under a formula written in your Coop By-Laws. You can get credit for improvements. The tenant gains no increase in value. The owner's equity depends on market factors beyond his/her control.
Tax Benefit You deduct from your income tax report everything paid for interest and real estate taxes. The tenant has little or no tax benefit. The owner can deduct interest and taxes.
Replacements Your cooperative has reserve funds waiting in the bank to replace items as they wear out. The tenant must wait for the landlord to decide when and if to make replacements. The owner must foot the bill for replacements.

Contact Riverside

Get in touch with our property manager to answer any questions.

  • phone-sm

    Phone: (816) 741-7022

  • fax-sm

    Fax: (816) 741-9003

  • location-sm

    Riverside Cooperative Townhouses
    3021 NW 47th Terrace
    Riverside, MO 64150-1149

  • email-sm

    Email: info@riversidetownhousesmo.com