In a housing cooperative, people join to form a cooperative corporation that owns the buildings in which they live. Purchasing a share in the cooperative entitles each member to lease and occupy a dwelling unit from the cooperative and to participate in its operation. Each member pays a share of the cooperative's monthly expenses. Housing cooperatives are democratically controlled, meaning that each member has one vote in deciding the affairs of the cooperative. Housing cooperatives offer

more »

... ability, a sense of empowerment in that residents have control of their own living situations, and the permanence and stability that comes with home ownership. The basic steps involved in organizing a housing cooperative may occur in a different order or even simultaneously, depending on the project. No matter what the project, the process involves identifying needs, measuring interest, determining financial feasibility, and incorporating as a legal organization.