Cooperative

A cooperative, or co-op, is a form of housing where residents own shares in a corporation that owns the entire property. Instead of owning their units outright, residents own shares in the cooperative, which entitles them to occupy a specific unit within the property. Residents typically pay monthly fees to cover operating expenses and property taxes, and decisions about the operation of the cooperative are made democratically by the shareholders.

In Virginia, cooperatives are governed by various laws and regulations, including those related to corporate governance, property ownership, and housing. The Virginia Cooperative Act and other relevant statutes outline the legal framework for the establishment, management, and operation of cooperatives in the state. These laws cover issues such as shareholder rights, corporate governance, financial reporting requirements, and dispute resolution mechanisms within cooperative communities. Additionally, local ordinances and regulations may also apply to cooperatives in specific jurisdictions within Virginia.