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r Introduction combination 1 factors including1 1 > s C'�F housingI have forced manypeople I look • alternative housing options. This I" to co-op housing attempts :i your questions regarding N^ ownership, responsibilities, and benefits • living inI housing cooperative. Did you l(now? Your Questions Answered In the United States, more than 1.5 What is a housing co-op? million families of all income levels A housing cooperative forms when people come together to own and control the buildings in which they live. They form a co-op corporation and pay a live in homes owned and operated monthly amount (called carrying charges) that covers operating expenses. It is the cooperative that owns the building, land, and any common areas and the through •••erative associations. members buy shares in the co-op. periodThe of How many different kinds of housing cooperatives are there? cooperative development was after By altering the basic legal and finance structures, many different types of housing cooperatives can be developed, World War 11, in response to an A market rate cooperative sells shares at full market value in the original sale and permits a market rate of return on resales by its members. acute housing shortage. A limited equity cooperative limits the return allowed when shares are sold. The amount of return is determined by a formula established in the corporation's bylaws. A leasing cooperative leases the property from an investor on a long-term basis, sometimes with an option to buy. The residents operate the property as a cooperative. A mutual housing association is a non-profit corporation set up to develop, own and operate housing. Generally, the association is owned and controlled by the residents of the housing produced. A senior housing cooperative is a cooperative that has design and service features appropriate to senior residents.