Cooperative housing, often referred to as a co-op, is a type of residential arrangement where residents collectively own and manage their building or community. Instead of owning individual units, members purchase shares in the cooperative, which grants them the right to occupy a specific unit. This model promotes a sense of community and shared responsibility among residents. In a cooperative housing setup, decisions about the property, such as maintenance and finances, are made democratically by the members. This structure can lead to lower living costs and a more engaged community, as residents work together to maintain their shared living environment.