A. “Community apartment project” is a project in which an undivided interest in the land is coupled with the right of exclusive occupancy of any apartment located thereon.

B. “Condominium” is an estate in real property consisting of an undivided interest in common in a portion of a parcel of real property together with a separate interest in space in a residential, industrial or commercial building on such real property, such as an apartment, office or store. A “condominium” may include, in addition, a separate interest in other portions of such real property.

C. “Stock cooperative” is a corporation which is formed or availed of primarily for the purpose of holding title to, either in fee simple or for a term of years, improved real property, if all or substantially all of the shareholders of such corporation receive a right of exclusive occupancy in a portion of the real property, title to which is held by the corporation, which right of occupancy is transferable only concurrently with the transfer of the share or shares of stock in the corporation held by the person having such right of occupancy.

It is the purpose of the Council in adopting the ordinance codified in this chapter to apply all regulations referring to “condominium projects” to all stock cooperatives, community housing projects and any similar ownership forms in the same manner as if said terms were substituted for “condominium projects” as conditioned in this chapter. (Ord. 1903 §  1, 1980).