Housing

Housing cooperatives, also known as co-ops for short, are legal associations that own and manage residential buildings, such as housing units, condominiums and apartments. These cooperatives are particularly formed for the purpose of providing affordable units and securing housing to its members on a continuing basis. Housing cooperatives should not be confused with housing associations; the former is different from the latter in terms of its ownership structure and commitment to cooperative principles. In a housing co-op, members only buy shares and not the actual property. By owning co-op shares, a member can gain the right to occupy a real estate through a proprietary lease, or what is also known as occupancy agreement. One of the benefits of associating with a housing co-op is the tax advantage, because property taxes are shared by all members. Another is advantage is that you can sell your ownership any time; since ownership is determined only by shares and not the actual property. You do not have to trouble yourself of finding a buyer if you want to liquidate your asset.

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