This is the first video in a series we have created to help explain housing cooperatives and their benefits. Find out what sets housing co-ops apart and how they offer a different way of living.
What is cooperative housing?
Cooperative housing offers a different way of living, welcoming people including immigrants, young families, single parents, seniors, and people with a wide range of incomes.
They are jointly-owned, democratically-controlled enterprises designed to meet the common economic, social, and cultural needs of their members.
A person can become a member by purchasing shares of the co-op.
In rental co-op members sign an agreement to rent their unit from the co-op.
In the ownership model, co-op members are shareholders with exclusive use of their housing units.
Together, members collectively own common spaces. They also share operating and maintenance costs.
They make decisions democratically about how to run the property, including maintenance and renovations.
Co-ops are not owned by the government, and they’re not charities. They are independently owned non-profit organizations operated by their members.
Co-ops are often less expensive to buy into compared to condos.
Many housing co-ops try to keep rent affordable, and some offer subsidies for lower-income members.
Every co-op housing community is different. Some are large apartment complexes, others are townhouses, and others are single-family houses.
Some are rental, others are owner-occupied. Different co-op models are available depending on the country.
But they all have one thing in common — they’re focused on community.
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