Many types of businesses are set up as co-operatives. There are farm co-ops, food co-ops, co-op daycares, housing co-ops, credit unions, worker co-ops, and so on. In 1995, the International Co-operative Alliance accepted these principles for all co-operatives. The seven principles are guidelines for co-ops to put their values into practice. They have been reworded for housing co-ops.
1 – Voluntary & Open Membership
Co-op membership is open to everyone who needs the services of
the co-op and who accepts the responsibilities of membership. The
board of directors must not discriminate against anyone and must
respect human rights.
2 – Democratic Member Control
Members control their co-op. Together they set rules and policies,
make decisions and elect leaders who report to them. Each member
of a co-op has one vote. All members have an equal say in managing
their co-op.
3 – Economic Participation
All members contribute fairly to the co-op. The co-op holds any surplus for the future or uses it to improve the co-op’s services.
4 – Independence
Co-ops are independent associations. They follow the laws that apply to them and their agreements with the governments and other organizations. But the members control the co-operative.
5 – Co-operative Education
Every co-op is responsible for offering training to its members, directors and staff. Co-ops should also tell the public what they are and what they do.
6 – Cooperation among Cooperatives
Co-ops work together to serve their members through local, national and international structures.
7 – Concern for Community
Co-ops meet members’ needs in ways that build lasting communities inside and outside each co-op.
For more information, see this from the Co-op Housing Federation of Canada (CHFC):