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cooperative

a system of indirect ownership of a single unit in a multi-unit structure. The individual owns shares in a non-profit corporation that holds title to the building. In turn, the corporation gives the owner a long-term proprietary lease on the unit. The corporation may finance the property with a blanket mortgage. Homeowners, in turn, may get a share loan to finance the purchase of the shares that entitle them to occupy a specific apartment. Also called a co-op.

Source : U.S. Department of the Treasury

Language : English

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