Glen Ridge was built in four phases (1983, 1988, 1992, & 2004) and is fully developed. There are 14 buildings and 51 homes set on 30 acres of land. Each building has either 3 or 4 homes all specifically designed with independence in mind. All are single floor living with the exception of basements in some homes.
There are 8 home types at Glen Ridge that are distinguished by the number of bedrooms, baths, whether or not there is a basement, and whether that basement is a walkout. Homes are between 900 and 1,200 square feet. Each home comes with an assigned detached garage and additional parking is available for members and guests.
The community has an on-site office and community room for the use of members and by reservation for their friends and family.
Glen Ridge is for independent 55+ members. Independent means the member is able to fully participate in the life of the Cooperative.
Cooperative by definition means to cooperate and membership assumes a willingness to participate in committees and/or the Executive Board, the community’s governing body.
Units were constructed with electricity as the heat source. Some owners have supplemented that with the installation of mini-split heat/AC Systems.
Roads are privately owned and maintained by Glen Ridge. All community grounds are maintained by a crew of 3 full-time grounds keepers shared by Glen Ridge, Juniper Hill Village, and the Mansfield Center for Nursing and Rehabilitation.
The monthly fee has two parts – Association fee and property tax portion. The Association fee covers operating costs and an annual contribution to the Replacement Reserve. Because the Town of Mansfield issues on overall property assessment and tax bill, unit owners are charged proportionally to reflect the number of stock shares assigned to their unit. The Cooperative Association pays the tax bill semi-annually. Real estate taxes are deductible on a member’s personal income tax return.
The Cooperative is managed by a part time administrator overseen by a member selected Executive Board made up of stock holders. A “Declaration”, By Laws, and Rules and Regulations are the legal documents for Glen Ridge, compiled in the “Glen Ridge Reference Booklet” given to each member.
Glen Ridge has a Capital Reserve account that it continues to fund annually to meet future capital needs; to date Glen Ridge has not needed to impose a special assessment for unforeseen needs. In the event of any foreclosure on any home, banks are required to pay owed association fees and taxes once the home is liquidated. That is not the case with condominiums where associations can be financially responsible in the event of foreclosure.
When any Glen Ridge home is sold, one-third of the appreciated value (if there is any) is returned to the Cooperative. To maintain the affordability of the units, the annualized appreciation is limited to 6% of the amount initially paid by the member for membership in the Cooperative. Members do receive credit for any interior improvements made to their unit. The cost of those improvements are added into the Transfer Value Calculation, thus increasing the allowable sales price.
People interested in Glen Ridge must apply for membership and become stockholders of the not-for-profit corporation, shares of which are determined by the home type. Owners are issued a long term lease or “proprietary lease” along with a stock certificate following a home purchase. Membership approval includes income and age verification that allows Glen Ridge to maintain a very stable community, both socially and fiscally.