Housing cooperative
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A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing Cooperatives are a distinctive form of home ownership that has many characteristics that make it different than other residential arrangements such as single family ownership, condominiums and renting. The corporation is membership based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members’ resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership. Another key element is that the members, through their elected representatives, screen and select who may live in the cooperative, unlike any other form of home ownership. Housing cooperatives fall into two general tenure categories: non-ownership (referred to as non-equity or continuing) and ownership (referred to as equity or strata). In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title. The corporation's articles of incorporation and bylaws as well as occupancy agreement specifies the co-op's rules. Cooperative is also used to describe a non-share capital co-op model in which fee-paying members obtain the right to occupy a bedroom and share the communal resources of a house that is owned by a cooperative organization. Such is the case with student cooperatives in some college and university communities across the United States.
- Related: Affordable housing, Cohousing, Collective, Condop, Cooperative, Intentional Community, Subsidized housing
| International Cooperative Alliance Housing International Cooperative Alliance Housing www.icahousing.org - Web |
| Co-op Housing Co-op Housing www.wisc.edu/uwcc/info/uwcc_pubs/coopHouse02.pdf - Web |
| List of Housing Co-ops List of Housing Co-ops directory.ic.org/records/coops.php - Web |
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| International Co-operative Alliance International Co-operative Alliance www.coop.org/housing/ - Web |
| National Association of Housing Cooperatives National Association of Housing Cooperatives www.nahc.coop - Web |
| Council of New York Cooperatives and Condominiums Council of New York Cooperatives and Condominiums www.cnyc.com - Web |
