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Housing cooperative

From Simple English Wikipedia, the free encyclopedia

A housing cooperative or housing co-op is an apartment building or similar development (such as a mobile home park), in which tenants own shares of the cooperative organization that owns the development. This ownership structure (housing tenure) is different from renting and homeownership in that co-op owners don't get exclusive possession of their units. Instead, they are granted the conditional right to reside in the units by a co-op board. Housing co-operatives are usually exempt from some of the anti-discrimination laws that other housing tenures must abide by.