A: A housing cooperative is formed when people join on a democratic basis to own or control the housing and/or related community facilities in which they live.  Usually they form a not-for-profit cooperative corporation.  Each month they pay a fee to cover their share of the operating expenses.  Personal income tax deductions, 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 home ownership.