Housing cooperative
A cooperative (or co-op), is a group of people who voluntarily join together in a jointly-owned and democratic enterprise with the aim of meeting their social and economic needs. A housing cooperative is a form of community-led housing that allows local communities play a central role in providing their own housing. By combining the resources of the members, their buying power can be leveraged, lowering the individual cost of the services and products relating to home ownership.
A housing cooperative is similar to a housing association, in that it is a legal entity which owns real estate, but differs in that it is managed by its tenants, either fully or the majority. Each member of the cooperative is granted the right to occupy one housing unit, acting as a share purchase in the legal entity.
The ethos behind housing cooperatives is that it enables members more control over their community housing and encourages greater cooperation with others.
Housing cooperatives are registered with the Registrar of Friendly Societies at the Financial Services Authority (FSA). A registered cooperative can lease or purchase real estate which is then rented out to the members. The members pay rent to the cooperative, which acts as their landlord.
Generally, housing cooperatives can be categorised as either non-ownership (non-equity) cooperatives, whereby occupancy agreements often grant occupancy rights, similar to a lease; or ownership (equity) cooperatives, whereby purchase agreements often grant occupancy rights.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
There's still time to take part in this industry survey to help improve construction knowledge.
A submission made by a prospective tenderer in response to an advert for the supply of goods or services.
Young engineers are working on the B2P programme to help build infrastructure to connect people in developing countries.
National Infrastructure Commission should be given statutory powers, according to new planning review.
The types, causes and measurement of damp in buildings.
The new NEC4 contract creates a true procurement alliance arrangement for all stakeholders.
Andrew Strauss talks about performance and team building at the 2018 BSRIA Briefing.
Last chance to become our new editor
Applications have to be in by the end of the week.
Smart building in the smart city
Reflections on the 5th Annual Global Congress of Knowledge Economy, held in Qingdao, China.
An artist finds ruined and decaying buildings a source of inspiration for his work. Book review.
When is there a right to light, and what happens if it is obstructed?