A housing co-op is a not-for-profit form of multi-family homeownership. Residents buy a share (unit) in the co-op. The co-op owns the building, the land and common areas. Residents pay an association fee each month to cover the expenses for the building such as insurance, taxes, and upkeep. Since expenses are spread proportionately among the residents, this keeps the cost of living generally lower. A board of directors is elected from the owner-residents to govern the co-op.