what is a coop

A coop, or cooperative, is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise. There are different types of cooperatives, including housing cooperatives, which are a legal mechanism for ownership of housing where residents either own shares reflecting their equity in the cooperatives real estate or have membership and occupancy rights in a not-for-profit cooperative. When you buy into a housing cooperative, you’re not purchasing a specific piece of property but rather buying shares in a nonprofit corporation that allows you to live in the residence. Other types of cooperatives include utilities and market rate co-ops. Co-ops deliver strong tenant protections and tend to protect the overall financial health of the entire building in contrast to condo ownership, where a resident’s stake is more focused on their own parcel of property. Co-op jobs, also known as cooperative education jobs, are jobs that offer a unique balance of classroom learning and real-world experience.