What is a cooperative and how is it different from a condominium?
A housing cooperative is a form of ownership in which a corporation (in this case 3016 Tilden St. NW Inc.) owns the building, land, apartments and all common elements (hallways, grounds, furnace, laundry room, roof etc). Individuals buy shares in this corporation and therefore own all of it jointly. The purchase of shares conveys the perpetual use of a specified apartment unit, together with the obligation to support the co-op by paying fees, and the right to sell the unit, subject to the co-op’s approval. By contrast, individuals own each apartment in a condominium but not the common elements. They pay fees to the building owner, and/or to an owners’ association, and/or to a management company for the right to use common elements, maintenance, staffing etc. Back to Top Q: How is a co-op governed? A: A cooperative corporation is governed by a Board of Directors elected by the owners. At 3016 Tilden St NW Inc., voting is democratic according to the number of shares. The board is charged
