On my application for a low income apartments it asks: " In your opinion, what is cooperative housing?" I have no idea what to write, but I really need this apartment. Please don't give me some long Wikipedia version. I need something short & sweet 2 write on the application. They don't give you a whole lot of space.
2007-08-26 16:50:19 · 1 answers · asked by candigal 3 in Business & Finance ➔ Renting & Real Estate
Cooperative housing means that the whole building is owned by a non-profit corporation. As a tenant in the building, you would be a shareholder in the corporation, but you would not actually own the unit you live in. Because everyone in the building is a shareholder, everyone is responsible for the mortgage, taxes, and other expenses......FOR THE ENTIRE BUILDING. That means, basically, if one tenant doesn't pay his/her share of the building's expenses, everyone else has to pick up that person's slack. Hope this is a short and sweet explanation. Good Luck!
2007-08-26 17:11:54 · answer #1 · answered by Dan 2 · 1⤊ 0⤋