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Cooperative Project
A cooperative project involves a corporation that holds the title to a property and sells shares for individual units to buyers. In return, the buyers receive a proprietary lease as their title. Cooperative housing usually involves a single building or cluster of buildings with multiple individual housing units. The owners of a cooperative project pool resources to keep costs down for services and products used by the community. Also, new residents must go through a screening and selection process. If someone in the project wants to sell his or her share, he or she must pass this screening process before the sale can go through. Management of a cooperative project usually goes through an elected board of shareholders. These board members have charge of screening potential shareholders, contracting for services and products needed by the community and maintaining the finances of the cooperative.