In a co-op, residents own all the stock of a corporation that owns the development. Residents do not own their own unit, but they do completely control their development. Co-ops work best in large buildings where residents are familiar with the cooperative concept.
Resident-controlled rentals are almost exactly the same as co-ops, except that the development is owned by a non-profit controlled by the residents. Unlike a co-op, residents hold no equity in this model.
Mutual Housing Associations are also non-profits, but they typically have a board that includes residents, future residents, and representatives of the public and private sectors. They have a mission of continuing to expand to include more and more housing, and they often manage their own developments. They are useful for owning scattered sites. MHAs lease their housing to their residents.
Owners of condominiums do own their own units, and a share of all common facilities as well. Limited Equity Condominiums limit the sale price to keep the units affordable.
There are many variations on all these models including combinations with land trusts, a wide variety of partnerships, and structures in which residents have input, but not control. For more detailed information, click on the links below.
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