Frequently Asked Questions

 

What is a cooperative?

Our cooperative is a corporation designed to provide affordable housing to its members. In order to move into a townhouse, a prospective member purchases the membership and the equity value from the member moving out and purchases improvements, if applicable. Members pay a monthly carrying charge (rent) and Westerfield North Townhouses, Inc. takes care of all the legal and financial responsibilities of the cooperative. Members may claim a percentage of the mortgage loan interest on their income tax return.

Monthly Rates

Our rental rates are low! Only $602.00 for a two bedroom and $624.00 for a three bedroom. You won't find low rental rates like these any where else in Johnson County! Comparison shop the rental market and you will see what we mean. Markets rents continue to rise, while we strive to keep our rents affordable.

What is equity value?

Equity value is the equity that has built up in the townhouse since January 1977. The equity schedule was written into the by-laws of the corporation when it was formed. The two-bedroom townhouse's equity value increases by $13.25 each month. A member earns $159.00 each year he/she lives in a two-bedroom unit. The three-bedroom townhouse's equity value increases by $15.18 each month. A member earns $182.16 each year he/she lives in a three-bedroom unit. When you vacate the townhouse, the prospective member pays you the membership and the present equity value of the townhouse.  

Equity Schedule:

Membership & Equity Schedule 2019
Two bedroom                               Three bedroom
$6,678.00
January
$7,465.52
$6,691.25
February
$7,480.70
$6,704.50
March
$7,495.88
$6,717.75
April
$7,511.06
$6,731.00
May
$7,526.24
$6,744.25
June
$7,541.42
$6,757.50
July
$7,556.60
$6,770.75
August
$7,571.78
$6,784.00
September
$7,586.96
$6,797.25
October
$7,602.14
$6,810.50
November
$7,617.32
$6,823.75
December
$7,632.50

Income Guidelines:

Income Guidelines 2018
Maximum Income based on family size
One family member
$49,750.00
Two family members
$56,850.00
Three family members
$63,950.00
Four family members
$71,050.00
Five family members
$76,750.00
Six family members
$82,450.00

The minimum income guideline is based on the monthly rental amount. For a two-bedroom townhouse the minimum annual income is $28,320.00; for a three-bedroom townhouse it is $29,376.00 annually.

The occupancy guideline for a two-bedroom townhome is 1-4 people and for a three-bedroom townhome is 4-6 people.

Where is Olathe?

Olathe is 22 miles southwest of Kansas City, Missouri. South of the "Shawnee Mission" area.

Contact Westerfield North

Phone: (913) 764-06619:00 a.m. - 5:00 p.m. | Mon. - Fri.
822 N. Clinton Street, Olathe, KS, 66061

Read our Cooperative FAQ's yet?

Before requesting an application, all we ask is that you click here see our monthly rates, equity schedule and other frequently asked questions.

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contact us

Phone: (913) 764-0661

Office Hours:
9:00 a.m. - 5:00 p.m.
Monday through Friday

location

822 N. Clinton Street
Olathe, KS 66061
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