Apartment or condominium complexes or other housing facilities that are owned and administered collectively by the people who live there. A nonprofit corporation is set up to own and manage a building and the land on which it is located. Cooperative members do not own a particular part of the building and/or land, but own a share of stock in the project and the right to occupy a unit there. New residents are screened and selected by current residents and all pay equal shares of the cost of housing. Some housing cooperatives set aside a certain number of units for low-income people. Lower turnover rates, lower real estate tax assessments (in some local areas), controlled maintenance costs, and resident participation and control are some of the benefits of choosing cooperative homeownership.
Programs that make low-cost housing available to people who have very low incomes by organizing a group of volunteers to design and construct houses which are then sold at cost and at no interest to individuals who qualify by making a small down payment and investing a specified number of hours of "sweat equity" working on the project.
The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.