Absolutely. I live in a coop called Washington Hill Mutual Homes http://www.potomacassoc.com/WHMH.htm
established in the 1970s to provide affordable housing. It is a great deal, indeed. Maintenance fees are far below what it would cost to rend in this area today, and far less than interest on mortgage if you wanted to buy. The only restriction, or rather benefit, is that you cannot profit by sub-leasing or re-selling (the coop reserves the right to buy any membership put on sale to prevent speculation).
Coops are indeed an excellent way to avoid paying tribute to capitalists (usurers and real estate intermediaries) for the "privilege" of having a home. They are a big thing in Canada (the non-stock corporations) and also Europe, but not very popular in the US. Too bad.
Wojtek