Cooperative associations are unique.  The form of legal ownership is completely different than all other types of common interest developments.  In cooperative associations, the association typically owns all real property, with owners/members estalishing their ownership interest via issuance of stack or membership shares, and possibly with a lease related to their unit.

Tax issues related to cooperative associations are also unique.  Cooperatives are taxed under Subchapter T of the Internal Revenue Code (IRC), Section 1381 - 1388.  In addition, for those cooperative that meet the qualification, they may be recognized a "Cooperative Housing Corporations under IRC Section 216, which allows the pass through of interest and property tax deductionsfrom the cooperative to the owners/members.