What is Cooperative Housing?
Cooperative Housing is a form of home ownership in which the residents of a property own and control the property together. Rather than own their units, the residents own membership shares in the cooperative corporation as well as lease their living units from the corporation. In doing so, the residents become members of the cooperative. Each year, members nominate and elect one another to the cooperative board of directors, who govern the organization on behalf of the members.
Group Equity
The Raise-Op is a limited-equity housing cooperative, which means the purpose of the project is to remain affordable and benefit members today and in the future. It achieves this goal by fixing the amount of money for which outgoing members may sell their share of stock to new members, keeping it permanently affordable for future residents. Through this system, members are incentivized to reinvest in the property and keep operating costs low. The benefit to residents is a lower cost of living and higher quality of life, but they may not speculate or earn a financial profit from their ownership in the Raise-Op. Equity developed by the project is retained by the organization and used to benefit the group, which is why it is called "Group Equity."
Cooperative Housing is a form of home ownership in which the residents of a property own and control the property together. Rather than own their units, the residents own membership shares in the cooperative corporation as well as lease their living units from the corporation. In doing so, the residents become members of the cooperative. Each year, members nominate and elect one another to the cooperative board of directors, who govern the organization on behalf of the members.
Group Equity
The Raise-Op is a limited-equity housing cooperative, which means the purpose of the project is to remain affordable and benefit members today and in the future. It achieves this goal by fixing the amount of money for which outgoing members may sell their share of stock to new members, keeping it permanently affordable for future residents. Through this system, members are incentivized to reinvest in the property and keep operating costs low. The benefit to residents is a lower cost of living and higher quality of life, but they may not speculate or earn a financial profit from their ownership in the Raise-Op. Equity developed by the project is retained by the organization and used to benefit the group, which is why it is called "Group Equity."