HOUSING COOPERATIVE Meaning and
Definition
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A housing cooperative, also known as a co-op, is a type of residential community where a group of individuals join together to collectively own and manage a housing complex. In a housing cooperative, each member or resident owns a share or membership interest in the cooperative, typically represented by a proprietary lease or share certificate. This ownership structure distinguishes housing cooperatives from other forms of housing, such as condominiums or rental apartments.
The cooperative is governed by a board of directors elected by the members, who make decisions on behalf of the cooperative community. Each member has an equal say in the decision-making process, usually through a one-member-one-vote system. The board is responsible for setting policies, managing finances, and ensuring the maintenance and upkeep of the cooperative.
Housing cooperatives offer various benefits to its members. For instance, members typically enjoy more affordable housing options compared to owning a single-family home or renting an apartment. Furthermore, owning a share in the cooperative provides a sense of community and collective responsibility, fostering a greater sense of connection among residents.
Cooperatives can take different forms, such as limited equity cooperatives that restrict the resale price of shares to maintain affordability, or market-rate cooperatives that operate similarly to other forms of housing. Housing cooperatives can vary in size, ranging from small-scale buildings to large multi-unit complexes.
In summary, a housing cooperative is a collectively owned residential community where members own shares in the cooperative and actively participate in its governance and management.
Etymology of HOUSING COOPERATIVE
The word "housing cooperative" has Latin and Middle English roots.
The term "housing" comes from the Old French word "huis" or "huse", which means "dwelling" or "shelter". This word was borrowed from the Old Norse word "hūs" during the Norman Conquest of England in 1066. The Latin word "hospitium" also played a role in the development of "housing", as it referred specifically to "a lodging for strangers or guests" or "a place of entertainment".
The term "cooperative" originated from the Latin word "cooperare", meaning "to work together". It later evolved into "cooperativus" in Medieval Latin, referring to "working together for a common purpose or benefit". In Middle English, it became "cooperatif" and eventually "cooperative" in modern English.
