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.

Where is Olathe?

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

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.

Contact Westerfield North

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

logo-townhouses-white

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
Get Directions