In 1920,
ten rental apartment buildings in
Washington, D.C. converted to cooperative ownership, and
over the years many more did so or were built as co-ops.
Housing co-ops are in every part of the city and take many
architectural and organizational forms.
There
are more than a million co-op units in the U.S. Washington has one of the largest concentrations, though New York City
has the largest. In
the metropolitan area there are
about 15,000 cooperative units, most of which
are in the District of Columbia.
Just as neighborhoods have distinct
personalities, so do co-ops. Choose one that suits your
lifestyle. Review the house rules and by-laws and assess the
level of services and amenities available. A real estate
agent familiar with co-ops can provide the information you
need to make an educated decision.
|
|
Housing Cooperatives
|
| A housing cooperative is a form of ownership in
which a person purchases shares (or membership) in
a cooperative corporation that was formed for the
purpose of providing its members a place in which
to live. The cooperative corporation owns the
building, land, apartments and all common
elements. The owners/ members, in turn, own the
corporation.
The instrument of ownership is
called different things in different associations.
Some issue "shares of stock," some a
"proprietary lease" and others a
"perpetual use and equity contract."
Regardless of what the ownership document is
called, the effect is the same. It conveys the
perpetual use of a specified unit - usually an
apartment, sometimes a townhouse - together with
the right to sell it subject to the co-op's
approval and the obligation to support the co-op by
paying fees.
|
|
