Housing cooperatives are democratically controlled corporations established to provide housing for members. Each household owns a share in the corporation, which entitles the member to occupy a unit of housing. Typically, the cooperative is financed through a blanket mortgage that covers the entire property and members pay monthly carrying charges to cover mortgage payments and operating expenses.
Cooperative refers to the organizational structure of the enterprise, not the unit type. The cooperative model can be used for single family homes, townhomes, apartments, mobile home parks—virtually any type of housing construction. Housing cooperatives are established to address the identified needs of members. In this respect, housing cooperatives can include upscale developments for the housing needs of the relatively wealthy and developments established to offer home ownership for those who cannot afford to purchase a home at market price.
