What's a Coop Apartment?

A co-op (aka a housing cooperative) is a type of housing owned by a corporation made up of the owners within the co-op. ... Instead of buying property as you would in a traditional real estate transaction, you're buying a share of the corporation that controls the co-op, which entitles you to living space.

How does a coop apartment work?

Most housing co-ops are nonprofits. Whether in urban or rural settings, they generally are housed in apartment-like buildings. Instead of obtaining a mortgage to purchase a home you can resell — such as a condo, house or townhome — you buy a share in a nonprofit co-op housing corporation and pay a monthly housing fee.

What does Coop mean in housing?

Housing co‑ops provide at-cost housing for their members. They are controlled by members who have a vote in decisions. There is no outside landlord. Each housing co‑operative is a legal association, incorporated as a co‑operative.