Here is a list of some Frequently Asked Questions about 3016 Tilden St NW Inc. If you can't find the question/answer you are looking for on this page, select Search - we'll search the entire site for you. If you'd like to ask your own question, click Ask Question and we'll get back to you with an answer.
Q: What is a cooperative and how is it different from a condominium?
A: A housing cooperative is a form of ownership in which a corporation (in this case 3016 Tilden St. NW Inc.) owns the building, land, apartments and all common elements (hallways, grounds, furnace, laundry room, roof etc). Individuals buy shares in this corporation and therefore own all of it jointly. The purchase of shares conveys the perpetual use of a specified apartment unit, together with the obligation to support the co-op by paying fees, and the right to sell the unit, subject to the co-op's approval.
By contrast, individuals own each apartment in a condominium but not the common elements. They pay fees to the building owner, and/or to an owners' association, and/or to a management company for the right to use common elements, maintenance, staffing etc.
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Q: How is a co-op governed?
A: A cooperative corporation is governed by a Board of Directors elected by the owners. At 3016 Tilden St NW Inc., voting is democratic according to the number of shares. The board is charged with managing the co-op according to the Bylaws, House Rules and Articles of Incorporation, and it interviews and approves prospective purchasers.
The purchaser of a cooperative unit agrees to abide by the co-op's Bylaws and House Rules and to pay a proportionate share of the co-op's expenses. These expenses include operating costs (e.g., staff, utilities, maintenance and repair of common areas, and management fees), real estate taxes, and accumulation of reserves.
The co-op's total fees are divided among individual units based on number of shares. This formula remains fixed, but the assessed fees are changed periodically by the Board of Directors in line with the co-op's current total budget.
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Q: How is a co-op purchase financed?
A: People why buy cooperative units typically borrow from banks or other institutional lenders, just like those who buy condominiums or houses. Interest on a loan to buy a cooperative unit is fully tax-deductible.
Financing choices for co-op purchases are abundant in Washington, provided the co-op Board has signed a recognition agreement with the prospective lender. The recognition agreement defines the relationship between the lender, the co-op and the borrower, and establishes the priority of claims in the event an individual borrower is in arrears on either the monthly maintenance fee or the monthly mortgage payment.
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Q.: What is a "management company," what do they do, and how do I reach them?
A: A management company is contracted by the Board of Directors to provide such services as collecting assessments, supervising subcontractors, obtaining bids for subcontracted services, providing financial statements and collection reports, being a general clearinghouse for problem solving, communicating with homeowners and the Board of Directors and serving in an advisory capacity. The management company reports directly to the Board, and all decisions are made by a majority vote of the Board of Directors. The management company may be reached online through the Management Office page on this Web site or by phone from the numbers listed on the Contact Us page on this site.
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Q: What are the Bylaws?
A: The Bylaws are the guidelines for the operation of the non-profit corporation that is 3016 Tilden St NW Inc. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the directors, the shareholders' voting rights, required meetings and notices of meetings, as well as other items necessary to run the corporation as a business. The Bylaws may be viewed online within the Resource Center page of this site.
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Q: What is the Board of Directors and what do they do?
A: 3016 Tilden St NW Inc., again, is a corporation and therefore a governing body is legally required to oversee its business. The five members of the Board of Directors are elected by the homeowners to three-year terms, as specified in the bylaws. The limitation and restrictions of the powers of the Board of Directors are outlined in the governing documents found on the Resource Center page of this site.
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Q: What are the House Rules?
A: Like other cooperatives, 3016 Tilden St NW has adopted a set of House Rules to provide direction to the residents and shareholders for common courtesies with regard to noise, security, recycling, laundry room use, carpeting requirements etc. In addition, the co-op has guidelines for submitting requests to make renovations to your unit. These rules and guidelines are set up to maintain the aesthetic value and integrity of the building on behalf of all owners, and to protect the market value of your investment.
Violations of these rules may result in action by the Board of Directors and a fine. If you proceed with a renovation without written approval of the Board of Directors, you will be required to remove or correct the alteration and/or be fined for the violation. For more information about this topic visit the Resource Center page of this site.
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Q: If I am having a problem with a neighbor for a violation of the House Rules, what can I do?
A: If you and other residents cannot resolve a situation among yourselves, turn to your Board of Directors. You may contact one of them directly or complete a Violation form online. The Violation form may be found within the Management Office page on this site. If the situation is deemed in violation of the House Rules or the Bylaws, the Board of Directors will institute enforcement action. Your continued assistance may be required.
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Q: Are Board meetings open to all residents? If so, where and when are they held?
A: Yes. Notice of the time and place of any regular board meeting will be posted in public areas of the building and online on the Calendar page.
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Q: If I want to get involved in running 3016 Tilden St NW, what can I do?
A: The Contact Us page or the Directory pages of this Web site will give you Board member contact information. Check the Calendar for meeting dates. Come to the meetings and speak up! If you are interested in volunteering, please contact any board member.
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Q: What is my co-op fee?
A:The fee is the periodic amount due from each homeowner to cover the operating expenses of the common areas and to provide reserve funds for replacement of common facilities in future years. Your fee payments are due on the first of the month. Statements will be sent as a reminder of the amount due.
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Q: How is the amount of my fee determined?
A: The Board of Directors approves an annual budget to cover cooperative operating expenses. Co-op income includes cooperative fees, laundry token sales, parking fees, late fees and interest income on our investments. Expenses include a regular contribution to our reserve fund, which is monies set aside to cover future replacement and maintenance of certain items: lighting, driveway resurfacing, painting, tuckpointing, landscaping, etc. These amounts are then divided by the number of shares outstanding (1,016 as of April 2009) and apportioned to shareholders accordingly. Subsequent budgets are developed by the Board of Directors and adjusted periodically to meet anticipated expenses.
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Q: Will my fee go up?
A: There is no fixed answer to this, as the fee schedule depends upon planned expenditures. The Bylaws allow for annual increases, but none were levied between 2005 and 2009.
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Q: What happens if I don't pay my fee?
A: The maintenance and management services of the building are dependent upon timely receipt of the fees due from each shareholder. Late payments will result in a late charge, as fees are due on the first of the month. In addition, the Bylaws allow the Cooperative to assess interest and to proceed with a lien on your property or foreclosure proceeding for nonpayment of fees.
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