Cooperative Rental Housing

A rental housing option in which residents are responsible for making decisions about how the apartment buildings, townhouses or other types of housing the co-op comprises are maintained and how the business of the co-op is managed. Housing co-ops are legal associations, generally nonprofits, formed for the purpose of providing homes to its members on a continuing basis. Members elect a Board of Directors that makes day-to-day decisions and develops a budget which is confirmed by vote at an annual general meeting. If there are housing charge increases, they reflect true costs, not profit margins. The co-op cannot be sold or flipped for profit so members can choose to remain in the co-op for as long as they choose; and members are asked to leave only if they break the co-ops by-laws. Most co-ops have "market units" (the member pays the full market price) and subsidized units (the member pays a portion of the full market price and the balance is paid by a government subsidy program).