A Housing Cooperative is a form of homeownership collectively owned and controlled by its residents. To join a housing co-op, members purchase stock in the cooperative cooperation (which owns the land, building, and any common areas) and obtain the exclusive right to occupy a specific unit.
Market rate co-ops allow members to buy and sell shares in the cooperative at market value.
Limited equity co-ops are those in which low-income eligible members purchase shares at below market prices and are subject to limitations.
Senior housing co-ops are restricted to those 55 and older and may provide resident care within the community.
The International Cooperative Alliance reports that “at least 12% of people on earth is a cooperator of any of the 3 million cooperatives on earth. Cooperatives provide jobs or work opportunities to 10% of the employed population.
Cooperatives are owned and governed by their members—not stockholders. The 65,000 co-op establishments in the U.S. range in size from small, local stores to $30 billion multi-national organizations.
Cooperative businesses operate across virtually all industries, or sectors:
Housing • Agriculture • Education • Financial Services • Consumer • Grocery • Healthcare • Retail • Insurance • Purchasing • Utility Services • Worker
Pro-tip: your yellow pages and some search engines may list cooperatives under the apartment section.
