What Is A Co-op?
About Co-op Housing
How Does A Co-op Work?
Housing co-ops are member-owned and controlled. Co-ops can provide affordable alternative for people on moderate incomes. The people who live in housing co-op’s are members not tenants.
Co-op’s are democratically run and each member has a vote. Members elect from among themselves, a board of directors to manage the business of the co-op. Members elect the Board of directors, approve the annual budget and set policy. The monthly housing charges (rent) are set by the members to cover the costs of running the co-op.
As a co-op member, you have security of tenure. This means that you can live in your home for as long as you wish if you follow the rules of the co-op. What sets co-ops apart from private rental housing is that they are democratic communities where the residents make decisions on how the co-op operates.