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Wikipedia: A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. The occupancy agreement specifies the co-op's rules.
![[The 999 N Lake Shore Drive building in Chicago, Illinois.]](http://images.ookaboo.com/photo/s/999LakeShoreDriveChicago_s.jpg "The 999 N Lake Shore Drive building in Chicago, Illinois.")
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 from Jennifer Ames |
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