Non profit housing co-ops are corporations that provide housing to their members. It is controlled by a board elected by its members. Each member provides a member loan and pays monthly housing charge (rent) to cover the capital and operating costs (including mortgage payments and savings for large repairs and replacements). The housing charges are set by a general members meeting.
They are one of a number of kinds of organizations that subscribe to the Rochdale Principles
The fundamental advantage of co-ops is that the charges cover the actual cost of the co-op, without paying the landlord's profits. Over time the difference tends to become larger.
There are other prosocial advantages of co-ops. Notably, practise with democratic institutions. This may be even more pronounced with people who grow up in co-ops.
The Co-op Housing Federation of Toronto enhances this with diversity scholarships for co-op members.
Co-ops are not all sweetness and light. The trouble with co-ops is that people have to co-operate.
They are democracies. Democracy is not a spectator sport. It requires your engagement.
The good news is that you are in charge, so you have a say in what happens.
The bad news is that you are in charge, so you are responsible.