Ownership Form
Cohousing communities in the U.S. typically rely on one of three existing legal forms of real estate ownership: individually titled houses with common areas owned by a homeowner association, condominiums or a housing co-operative. Condo ownership is most common because it fits financial institutions' and cities' models for multi-unit owner-occupied housing development. U.S. banks lend more readily on single-family homes and condominiums than housing cooperatives.
Cohousing differs from standard condominium development and master-planned subdivisions because the development is designed by, or with considerable input from, its future residents. The design process invariably emphasizes consciously fostering social relationships among its residents. Common facilities are based on the actual needs of the residents, rather than on what a developer thinks will help sell units. Turnover in cohousing developments is typically very low, and there is usually a waiting list for units to become available.
Read more about this topic: Cohousing
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