 A
housing cooperative is formed when people
join with each other on a democratic basis to own or control the buildings
in which they live. Usually, in addition to paying for shares in
the cooperative, members pay monthly fees that cover the
operating expenses of the cooperative corporation.
If members wish to sell their shares in the cooperative,
members may do so for whatever the market will bear.
There are
many advantages to living in
a cooperative. Members receive tax deductions
and equity just
as in other real estate ownership. Cooperatives are usually more
affordable than other forms of housing as maintenance costs are shared.
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