A housing cooperative, or co-op, is a type of residential community where residents collectively own and manage their living spaces. Instead of owning individual units, members purchase shares in the cooperative, which gives them the right to occupy a specific unit and participate in decision-making processes. This model promotes collaboration and shared responsibility among residents. In a housing cooperative, members typically pay monthly fees that cover maintenance, utilities, and other communal expenses. This arrangement can lead to more affordable housing options and a strong sense of community, as residents work together to maintain their living environment and support one another.