Types of Housing Cooperatives
Housing cooperatives are organizations developed to resolve a community’s housing needs. These cooperatives are member-controlled properties, home, and/or housing facilities, meaning that its members are responsible for managing, maintaining, and operating the cooperative property, and sharing its costs. Shared ownership and duties translates to more affordable housing costs, and each member of the cooperative may vote on housing related-decisions (i.e. repairs, new members, events/activities, duties…) and every year, members gather together to elect a Board of Directors. At the Annual General Meeting (AGM), members of the cooperative vote on a budget, and if membership fees (rent equivalent) are expected to increase, they will reflect true costs and not profit margins.