cooperative housing

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cooperative housing

n. an arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. The individual participants own a share in the cooperative which entitles them to occupy an apartment (or town house) as if they were owners, to have equal access to the common areas, and to vote for members of the Board of Directors which manages the cooperative. A cooperative differs from a condominium project in that the owners of the condominium units actually own their airspace and a percentage interest in the common area. In a cooperative there are often restrictions on transfer of shares such as giving priority to other members, limits on income or maximum sales price. (See: cooperative, common area, condominium)

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References in periodicals archive ?
It is associated with Urithi Housing Cooperative Society.
A Wishaw housing cooperative is calling on local businesses or social enterprises to set up shop in its cafe facility.
He said the only way the government can achieve its affordable housing agenda is by assisting Kenyans own houses of their choice, which can only be achieved through housing cooperative societies.
I live in a residential housing cooperative in which I am a shareholder in a corporation that owns the building, and I have a lease with the corporation for my apartment.
National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives nationwide, recently closed a $25.6 million first mortgage to University Towers Owners Corp., a housing cooperative at 100 York Street in New Haven, Conn.
Client Name : Housing Cooperative Society for Banks Employees - New, The Cashier
36 stipulate for permitting payees to transfer ownership of a housing cooperative property they received as long as they make all due payments, with the housing cooperative charging a sum equal to 1% of total payments or estimated value of the property for the transfer.
The Housing Cooperative of Medical Council's members was established in 1994 with the aim of providing home for the physicians.
For Mary Lou Fitzgerald, a resident member of the Green Pastures Senior Cooperative in Redmond, Ore., a resident-owned manufactured housing cooperative was a perfect option.
During this time, the Bank arranged over $186 million in new residential loans for 823 cooperative unit owners and over $654 million in building financing for 223 housing cooperative communities nationwide.

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