What's a Cooperative?
Thank you for your interest in Riverside Townhouses, Inc. Our Cooperative is on cul-de-sac in a park-like setting surrounded by trees on three sides. We are located in historic Riverside, Missouri, with a wide range of shops and restaurants just minutes away. There are 116 households enjoying their membership in this Housing Cooperative subsidized by HUD (Housing and Urban Development).
Monthly payments (carrying charges) are amazingly low and based on a household’s gross annual income, after applicable deductions have been calculated. Riverside Townhouses is a non-profit corporation, owned by the members, so there is no landlord to make a profit. You pay only the actual costs. Each household must meet HUD approved incomes guidelines. (See our Tenant Selection Policy for details.)
Our Cooperative offers the ease of renting with some advantages of ownership. Applicants “buy” an interest in the Cooperative by purchasing a membership and equity. The amount they pay is determined by the size of the townhouse/apartment and the month they move in. Paid in full at move-in, this membership and equity will increase in value each month you live here under a formula written into your Cooperative’s by-Laws. Click here to see the current equity schedule.
You have no personal liability, and you sign no mortgage or note. You can get credit when you move for certain authorized improvements. Your household and every other household each have one vote in an election of directors who help establish policy, rules, and standards for your community. Business affairs are handled by a professional management firm.
Your Cooperative takes care of your townhouse inside and out, and is responsible for maintenance, trash removal, grounds care, snow removal, water, and sewer charges. You deduct from your income tax report everything paid in interest and real estate taxes. Click here to examine all the benefits of being a member in our Cooperative!
We offer 1 bedroom apartments, as well as 2, 3, and 4 bedroom townhouses.
Newly remodeled in 2009 our townhomes/apartments offer the following amenities:
- Full private basement with washer/dryer hookups.
(1 bedroom apartments have a utility room with washer/dryer hookups)
- Wall-to-wall carpeting throughout.
- New vinyl siding.
- New energy efficient windows and doors.
- Range, refrigerator, dishwasher, micro-hood, and garbage disposal included.
- Central air conditioning and heat.
- Several recreation areas for young and old alike.
Pets are welcome with a limit of 2 per household with a minimal one time pet deposit. There are no size or weight limitations.
You've got questions? We've got answers. Check out our FAQ page!