Who lends to co-ops
Lending to housing co-ops is documented in 24 of the 44 countries assessed, but only 6 have an established system. In 9 more, the money mostly reaches something other than a permanent co-op. In 7 a programme exists but no signed loan was found, and in 13 no evidence turned up.
Three questions decide whether a co-op gets built: who will lend, what public backing a new one can use, and what a lender or programme accepts as own money. Banks rarely publish their terms, so this page shows what laws, programme rules and named loans reveal, and says plainly where nothing was found.
How this was researched
AI-assisted desk research in each country's own language, working from laws, programme rules, lenders' terms and named loans, then read some 250 reports on co-op housing and its finance, MOBA's among them, for facts the web had missed. A separate second pass then reopened the sources for the main claims, spot-checked further links and looked for counter-examples. It tested 552 claims, and the entries were corrected where needed. Laws and programmes are well documented, but most banks set co-op terms case by case and do not publish them.
Could a new co-op use public backing today?
This reads the rules as written, for the main public route in each country. It is not a promise of a loan, and the same country can welcome a new co-op in one programme and exclude it from another. Open a country for the detail.
- Established system
- A recognised sector with repeat lending and its own funding channels.
- Documented lending, narrow field
- Real, sourced loans to co-ops, from few lenders.
- Documented lending, different model
- Real loans, but mostly to something other than permanent mutual co-ops.
- Programme announced
- Rules or announcements exist, but no signed loan was found.
- No evidence found
- Nothing turned up in public sources, which is not proof that nothing exists.
The label says how much lending the public record shows, not how good a system is. A system can be established and still serve mainly old or market-price co-ops: that is what the next column in the table is for.
Lending to co-ops by country
| Country | Evidence | What the money mainly reaches | A new co-op? | Confidence |
|---|---|---|---|---|
| Austria | Established system | Non-profit landlordsLimited-profit associations, co-ops or companies | Possible, with conditionsOnly through limited-profit recognition: 60 members or €3m paid in | High |
| Denmark | Established system | MixedCapped-price resident co-ops: neither market-price nor permanently limited-equity | Possible, with conditionsMunicipal guarantee open on paper, but needs 75% share offers and is scarce | High |
| Italy | Established system | Co-ops ending in ownershipDivided homes outnumber undivided about 8 to 1, by Legacoop's count | No route foundNo public backstop specific to housing co-ops was found | Medium |
| Norway | Established system | Market-price co-opsPermanent collective ownership with market-price resale | Possible, with conditionsIn principle yes; assessed case by case, and refused when money runs short | High |
| Sweden | Established system | Market-price co-opsOverwhelmingly market-price co-ops; rental co-ops are tiny | Possible, with conditionsPossible, but only via a framework-agreement lender; advance rulings reportedly lost | Medium |
| Switzerland | Established system | Permanent co-opsNon-profit housing, mainly co-ops | Possible, with conditionsNon-profit statutes, membership of the umbrella body or EGW, usually 10% equity | High |
| Belgium | Documented lending, narrow field | Permanent co-opsPermanent rental at cost, though outside investors also hold shares. | Possible, with conditionsNo dedicated programme; municipal help case by case; Brussels loan used once. | Medium |
| Finland | Documented lending, narrow field | Non-profit landlordsNon-profit rental and company-owned right-of-occupancy housing, not co-ops | Possible, with conditionsGuarantee loan is company-only on 2026 rules; one site at a time | Medium |
| France | Documented lending, narrow field | Permanent co-opsLimited-equity co-ops with capped share prices; very few homes. | Possible, with conditionsNeeds state approval, local political backing and, per notaries, a corporate member. | Medium |
| Germany | Documented lending, narrow field | Permanent co-opsRental co-ops; established sector not tested | Possible, with conditionsBerlin programme open to new co-ops, with equity and otherwise-unviable tests | Medium |
| Iceland | Documented lending, narrow field | Permanent co-opsCo-op keeps the building; members buy a resaleable right of residence | Possible, with conditionsState rules ask 10% equity and a business plan; no new co-op loan found | Medium |
| Liechtenstein | Documented lending, narrow field | Permanent co-opsCost-rent co-op; tenants are members with housing shares | ClosedThe law funds municipalities and their bodies, not co-ops | Medium |
| Netherlands | Documented lending, narrow field | Permanent co-opsPermanent mutual rental co-ops; buyer co-ops get planning loans only. | Possible, with conditionsNational fund not yet open; Amsterdam loan only for city schemes. | Medium |
| Spain | Documented lending, narrow field | MixedSmall permanent use-right co-ops get the loans; developer co-ops end in ownership | ClosedState loan signing window closed 31 August 2026; other routes need grants or track record | Medium |
| United Kingdom | Documented lending, narrow field | Permanent co-opsSmall fully mutual co-ops; big public money goes to registered landlords | Possible, with conditionsFormally open, but rented homes need registration as a social housing provider | High |
| Belarus | Documented lending, different model | Co-ops ending in ownershipLoans go to members of developer groups, not the co-op | ClosedSupport ended for groups formed after 1 June 2025 | Medium |
| Czechia | Documented lending, different model | Co-ops ending in ownershipCity-backed and developer co-ops, with transfers to member ownership | ClosedNo open programme found; rental and renovation routes paused or closed | Medium |
| Estonia | Documented lending, different model | Flat-owner associationsRenovation loans to flat-owner associations, not co-ops | ClosedRoutes cover renovation of existing buildings; new homes are excluded | Medium |
| Hungary | Documented lending, different model | Market-price co-opsLegacy co-ops whose flats trade freely; renovation lending only | Possible, with conditionsRenovation aid covers common parts only; rental subsidy still needs a willing bank | Medium |
| Ireland | Documented lending, different model | Non-profit landlordsNon-profit housing bodies; Co-operative Housing Ireland is the co-op exception. | ClosedMain routes limited to registered housing bodies or those with track records. | Medium |
| Montenegro | Documented lending, different model | Co-ops ending in ownershipWorker co-ops tied to a sector; members come to own flats | Possible, with conditionsGuarantee and ministry money are case by case, tied to a sector union | Medium |
| Poland | Documented lending, different model | Co-ops ending in ownershipCo-op members can demand ownership once their share is repaid | Possible, with conditionsPossible with permit and extra security; programme's last round in this form is autumn 2026 | Medium |
| Slovakia | Documented lending, different model | Co-ops ending in ownershipDeveloper co-ops; members can take flats into private ownership | Possible, with conditionsState fund open to legal persons; no-record applicants need a Slovak parent | Medium to low |
| Turkey | Documented lending, different model | Co-ops ending in ownershipBuild-to-own co-ops; flats pass to members | ClosedHousing fund abolished in 2001; public land and mass housing largely exclude co-ops | Medium |
| Andorra | Programme announced | None foundNo housing co-op or loan yet | Not establishedDepends on a bill not yet passed | Medium |
| Croatia | Programme announced | None foundNo lending found; the law creates permanent non-profit co-ops on paper | No route foundAct enables loans but sets no terms; no call or award found | Medium |
| Latvia | Programme announced | MixedLow-rent developers and owners' communities; no co-op loan known | ClosedLow-rent programme shows applications closed; other loans cover existing buildings only | Medium |
| Luxembourg | Programme announced | None foundNo lending found; the law's aim is permanent mutual co-ops. | Possible, with conditionsApplication needs a credit institution's draft agreement; land calls accept forming groups. | Medium |
| Portugal | Programme announced | MixedLine covers collective-ownership co-ops, build-to-sell co-ops and affordable rental | Not establishedBanks pick clients; SME certification listed; no signed loan found | Medium |
| Slovenia | Programme announced | Non-profit landlordsPublic rental run by municipalities, public funds and companies | ClosedSID needs two business years and 2.0 staff; no guarantees found | Medium |
| Ukraine | Programme announced | None foundNo loan to a housing co-op was found | Not establishedLaw passed; rules, money and a lender were not found | Medium |
| Albania | No evidence found | None foundNo lending to housing co-ops was found | No route foundNo route naming housing co-ops was found | Medium |
| Bosnia and Herzegovina | No evidence found | None foundNo lending to housing co-ops was found | No route foundNo public route for housing co-ops was found | Medium to low |
| Bulgaria | No evidence found | Co-ops ending in ownershipHousing-construction co-ops end once members hold deeds | No route foundNo lending route found; only municipal land, if every member has a housing need | Medium |
| Cyprus | No evidence found | None foundNo lending to housing co-ops found | No route foundNo public backstop usable by housing co-ops found | Medium |
| Greece | No evidence found | None foundNo lending to Greek housing co-ops found | No route foundGuarantee fund restricts housing use; strategy and antiparochi set no co-op rules | Medium |
| Kosovo | No evidence found | None foundNo lending to housing co-ops was found | No route foundThe 2026 housing law does not name co-ops | Medium |
| Lithuania | No evidence found | Flat-owner associationsRenovation loans reach flat-owner associations, not co-ops | ClosedRenovation loans need pre-1993 buildings; the guarantee excludes buying or building housing | Medium |
| Malta | No evidence found | None foundNo lending to housing co-ops found | No route foundNo public backstop usable by housing co-ops found | Medium |
| Moldova | No evidence found | None foundOnly old state credit to legacy co-ops was found | No route foundNo current public route for a co-op was found | Medium |
| Monaco | No evidence found | None foundNo housing co-op was found | No route foundNo route for a co-op was found | Medium to low |
| North Macedonia | No evidence found | None foundNo lending to housing co-ops was found | No route foundNo public route for housing co-ops was found | Medium to low |
| Romania | No evidence found | None foundNo lending to housing co-ops found; municipal housing mainly | ClosedGuarantee closed to associative structures in 2020; current one is for individuals | Medium |
| Serbia | No evidence found | None foundOld developer co-ops; the new permanent co-op has no loan | No route foundNo public route for housing co-ops was found | Medium to low |
Confidence reflects how much rests on primary sources, not how good the system is. Open a country for its lenders, public backing, own-money rules and sources.
The EU rules behind all of this
These apply to banks in every EU member state, so they are explained once here. Switzerland, Norway and the United Kingdom have their own versions, set out on their entries.
Who gets the favourable treatment
Banks may hold less capital against loans to co-ops of natural persons regulated by national law, if they exist solely to give members the use of a primary residence in the property securing the loan. The same goes for public housing companies and regulated not-for-profits that serve social purposes and offer tenants long-term housing (consolidated text).
What that is worth
A risk weight sets how much capital a bank must hold against a loan, so a lower weight makes lending cheaper for the bank. On these loans, the part up to 55% of property value carries a 20% risk weight, and the rest takes the borrower's own weight. Other residential loans repaid from rent follow a table from 30% to 105%, depending on the size of the loan against the property's value, unless the country's published loss rates pass a test in the same article.
During construction
Loans to build residential property carry 150%, or 100% with enough binding contracts or equity at risk. The European Banking Authority's guidelines ask for equity at risk of at least 25% of value on completion, or contracts for 50% of the total. Regulated public or not-for-profit lending for homes that will only be let, with regulated eligibility, can use 20% with committed subsidies counted, or show that applicants exceed homes. Banks may choose not to apply that route.
Leased land
A lender also needs a first lien, the first claim on the property if a loan fails, which matters where a building stands on leased land. How each country treats a lien on a leasehold was not checked here: see the land and leasehold page.
Public lenders outside the banking directive
Article 2(5) of the banking directive lists bodies it does not apply to, including KfW and Germany's other state development banks, and Austria's recognised limited-profit housing associations. What this means for each lender's capital rules was not checked.
44 countries are assessed. “None found” is a gap in what public sources show, not proof that nothing exists, and a country that is absent has simply not been assessed. Programmes change quickly, so check the sources before relying on an entry. This is not legal or financial advice.