What is cooperative housing?
On my application for a low income apartments it asks: " In your evaluation, what is cooperative housing?" I hold no opinion what to write, but I really inevitability this apartment. Please don't make available me some long Wikipedia copy. I obligation something short & sweet 2 write on the application. They don't hand over you a in one piece lot of space.
Answers:
Cooperative housing mechanism that the adjectives 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 in truth own the section you live surrounded by. Because everyone surrounded by the building is a shareholder, everyone is responsible for the mortgage, taxes, and other expenses...FOR THE ENTIRE BUILDING. That medium, vitally, if one tenant doesn't reward his/her share of the building's expenses, everyone else have to pick up that individual's slack. Hope this is a short and sweet explanation. Good Luck!
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Answers:
Cooperative housing mechanism that the adjectives 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 in truth own the section you live surrounded by. Because everyone surrounded by the building is a shareholder, everyone is responsible for the mortgage, taxes, and other expenses...FOR THE ENTIRE BUILDING. That medium, vitally, if one tenant doesn't reward his/her share of the building's expenses, everyone else have to pick up that individual's slack. Hope this is a short and sweet explanation. Good Luck!