Real Estate Terms Glossary
What is a Cooperative (Co-op) Project?
A cooperative project is a housing project in which a corporation or cooperative holds title to a residential property. The corporation then sells shares to individual buyers, and these buyers receive a proprietary lease as their title. Keep in mind that a cooperative project splits various costs on shared housing amenities. These projects are often used as an integral part of an intentional community initiative.
The whole co-op property is considered a single tax parcel for tax purposes. Also, in many newer projects, the co-op property is usually encumbered by a mortgage. Typically, co-ops are more affordable than rental apartments. This is because they often operate on an at-cost basis.
Examples of Cooperative (Co-op) Projects
- Example 1: Leasing cooperatives
- Example 2: Limited-equity housing cooperatives
Here’s Investopedia’s definition of a Cooperative (Co-op) Project .
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