What is a housing cooperative?
A housing cooperative is a “Non for profit” residential project. It is built by its own future residents, not by developers from the private sector. A housing coop is a moral person that benefits from multiple fiscal exemptions. The beneficiaries are not building the project for resale at profit as it is forbidden by the law. They are only building for the purpose of occupying the apartments themselves as a primary residence. They don’t seek profit; they only aim to ameliorate their well-being in a decent way. Partnership does not make them entrepreneurs but holders of their own destiny.
This sector is governed by the decree # 17199 dated 18-Aug-1964.
In developed countries, coops constitutes 60 % of the housing sector. In Lebanon it’s almost 0 % and has no effect on the economy.