To guarantee the right to adequate housing is crucial worldwide, and even more so in Spain, where there is an accumulated delay in public housing policies compared to other European countries. This situation has led to an increase in Catalonia of cooperative housing under a grant-of-use (GoU) model based on collective ownership, and the intention of people to live together, sharing daily life, and collectivizing risks and care-based work. These characteristics may impact on people’s health, but evidence is yet limited. Our study aims to explore the mechanisms that explain the relationship between cooperative housing under a GoU model and health in Catalonia. A descriptive−exploratory qualitative study was carried out. A total of 26 participants from 11 housing cooperatives were interviewed. Our results indicate that the impact of cooperative housing on people’s health is mainly explained by these components: (1) living aligned with their political motivations; (2) legal and economic aspects; (3) communal living; (4) governance, decision-making and participation; and (5) material aspects of the dwelling. Despite having health benefits, the lack of clarity in the Spanish legal framework and public funding makes universal access difficult, but it is a step forward in breaking with the speculative housing dynamics that exist in our context.