KOYtä

KOYtä is a Finnish term that translates to "cooperative" or "housing cooperative" in English. It refers to a form of housing ownership and management common in Finland. In a KOYtä, residents collectively own the property through a housing company. Each resident holds shares in the company, which entitles them to the exclusive right to use a specific apartment.

The KOYtä structure is governed by a board elected by the shareholders, usually the apartment owners. This board is responsible for the maintenance, upkeep, and financial management of the building. Decisions regarding the property, such as renovations or major repairs, are made at general meetings of the shareholders. Residents typically pay a monthly fee, often called a "vastike" or maintenance charge, to cover the costs of building services, repairs, and loan repayments if the cooperative has any.

Owning an apartment in a KOYtä means becoming a shareholder in the housing company. This differs from direct ownership where an individual owns the property outright. While the resident has the right to use their apartment indefinitely, they are also bound by the rules and decisions of the housing company. This model is designed to ensure collective responsibility for property maintenance and to provide affordable housing options through shared ownership and management.