Troy Manor Cooperative, a cooperative community, has all the advantages of home ownership AND apartment living at the same time. A Housing Cooperative is an organization that fits somewhere between home ownership or a condominium organization and renting. In a condominium, each owner owns his/her unit, and they jointly own an undivided share in the common areas. In a Cooperative, ownership of stock in the corporation allows the owner to reside in a particular unit, leased from the Corporation. The Carrying Charges to the unit covers the mortgage, and pays for maintenance staff and management, just as a condo fee does.