Housing Cooperative
Housing Cooperatives are usually companies that own properties which consists of one or more residential structures. Each person that holds a share is given the chance to live in these structures which at time may be subjected to an occupancy agreement. This agreement states the rules of the cooperative that should be followed.
The term cooperative is commonly used to describe non-share capital cooperative model where fee-paying members have the right to occupy and share the common resources of a house that is owned by the cooperative organization.
These cooperatives contact other companies or hire employees to provide services such as maintenance and management. Although cooperatives may do such things, they usually strive to be self-efficient and do as much work as possible within the boundaries of their organization.
Each shareholder within the cooperative have rights to occupy a specific housing unit which is stated in their agreement.
These cooperatives is usually non-profit since most of the assets they gain come from rent that are being paid by their tenants or members.