A housing coop is a nonprofit corporation, with a board of directors, and each resident is a shareholder. The housing cooperative is ruled by their bylaws. The co-op member does not actually own their unit, but instead owns shares of the co-op relative to the size and desirability of the unit.
Each member:
- Owns a share in the property.
- Has a right to their individual housing unit.
- Has a right to enjoy common spaces.
- are co-property managers and make decisions democratically with all other members.
- signs an occupancy agreements and follow house rules (each building within the cooperative organization can have different rules written by the occupants of that building).
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