Habitat NYC and Westchester provides guidance to tenant groups interested in converting their building to a cooperative (co‑op), helping residents explore a path to shared ownership and long‑term stability. In a full building conversion, at least 51% of tenants must choose to purchase shares in order for the conversion to move forward as a market‑rate co‑op. Tenants who do not purchase shares may remain in their homes as renters, with the co‑op serving as their landlord.
We also support limited‑equity co‑op conversions, which require higher resident participation—generally 80%—and are designed to keep housing permanently affordable. Our role is to help residents understand their options, navigate the process, and make informed decisions that best serve their community.