What is a Co-op?

Housing Cooperatives, or co-ops, are a form of shared home ownership in multi unit buildings. The cooperative is owned by all the members jointly. Members of the cooperative buy a share of ownership that gives them rights to one unit. Share prices vary depending on the size of the unit.

Co-op versus Condo? There are many legal distinctions but the biggest difference is in the financing. A co-op is financed as one property (or association), which allows for lower costs, and members own a share of the association that gives them rights to occupy their individual unit, and one vote concerning cooperative business decisions. In a condo, each unit is owned and financed individually. 

Email the PAC or call the recruitment committee at 847-424-5592.