What is a Cooperative?
Living Your Life, Your Way
Londonderry was the first cooperative independent living retirement community on the Eastern Shore of Maryland. There are less than 98 senior cooperatives in the U.S. and only two in Maryland. Cooperative senior housing is a unique option for people seeking a retirement lifestyle while maintaining control over their investment because in this resident-driven culture:
- The Londonderry cooperative community offers the financial benefits of real estate without the burden of home maintenance.
- All real property (housing and common areas) is actually owned by the corporation with a fee simple title.
- Membership in the corporation is achieved through the issue of a stock certificate and an Occupancy Agreement (lease).
- Cooperative owners have a say in how the community is managed and operated.
- As a shareholder in the cooperative, residents may recoup all of their initial investment, plus appreciation, dependent upon the market’s performance.
Located on the original tract of land granted in 1667 to citizens from Ireland seeking independence and the freedom of choice, Londonderry remains dedicated to those same ideals today.
I love helping plan the monthly activities for our diverse community at Londonderry. We strive to have “something for everyone”. Our committee consists of six residents and one “Fearless” leader. Everyone is very cooperative which makes Londonderry an exceptional Senior Living Cooperative
—Peggy Sloan, Londonderry Resident since 2016