This document is about unsubsidized not for profit housing co-ops. This is an introductory text, it does not precisely describe all the details. If you understand co-ops created under government programs you should understand these.
They differ from co-ops created with government subsidies in a few ways. Notably, there is no government control or oversight, which also implies there are no exemptions from the rules governing rental accommodation. The obvious issue is that all of the Landlord and Tenant Act applies, including rent review. This should have no significance until the mortgage is paid off. A minor point is that they are subject to standard accounting rules from the start (this makes budget reporting slightly harder).
Housing co-ops are corporations that provide housing to their members. Each member provides a member loan and pays monthly rent to cover the capital and operating costs (including mortgage payments).
Co-ops are democratically controlled organizations. The control is mostly exercised through elected boards. In existing co-ops the budget (and therefor the rent) is passed by the membership. They also pass bylaws controlling the operation of the co-op.
Co-ops are not always sweetness and light. A classic line is that “the trouble with co-ops is that people have to co-operate”. Being a member means that you are responsible for the operation of the co-op. Democracy is not a spectator sport. Many people appear to have a hard time understanding this.
There is also increased opportunity for interpersonal conflict. Everybody has to work together.
Another significant issue is maintenance, especially saving for large scale maintenance. Many co-ops struggle with this.