definition
strict definition
housing cooperative
A membership-based entity set up for collective ownership of multi-unit residential properties.
A housing cooperative is a legal entity composed of paid-in members who share ownership of a multi-unit residential property (cooperative apartments).
Membership provides participation in the collective ownership of the residential property. The cooperative is the entity formed by those paid-in members.
A condominium association brings together individual unit owners. The cooperative's shared property ownership is a different arrangement from individually owned condominium units.