A housing co-op is, on one level, a gaggle of individuals UN agency have management over their own housing, while not truly owning it in person. The legal structure, technically AN Industrial and Provident Society, is thought of as a separate person, UN agency owns the property, gets rid of mortgages, and to whom the tenants pay rent. This separate person, however, solely will what the members of the co-op tell it to!
A housing co-op is extremely like a housing association, however it’s managed (either entirely, or mainly) by its tenants. If it’s ‘Fully Mutual’ solely tenants or prospective tenants are allowed to be ‘members’ and control/manage its affairs. (Our Rules are for absolutely mutual co-ops), Housing Co-ops, like all alternative Industrial & Provident Societies, are registered with the Registrar of Friendly Societies at the monetary Services Authority (FSA).
Once registered, the co-op will lease or purchase properties, then rent them, either all or as flats/bedsits/rooms, to its members – WHO pay rent to the co-op, that is their landholder. So, by registering a co-op, we tend to produce our own landholder, created for our profit, with us, as members, conjointly creating all the selections that require to be created – what property to shop for, what rent to charge, whether or not to permit Jo Smith to affix, what color to color our rooms, whether or not to put in low-energy light bulbs or water filters, etc. Co-ops permit North American nation to reclaim aspects of our lives and distance ourselves from a number of the class-conscious structures of society, while not having to require half within the “home owner, this can be mine, consumer” debacle. and that they encourage bigger co-operation with one another as tenants.