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Cooperative Housing
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 a proprietary lease to occupy a certain part of the property, to have equal access to the common areas, and to vote for members of the Board of Directors which manages the cooperative. Compare: condominium
LA-NOLO5:DRU.1.6.2.20140813.27175