P.R. Laws tit. 17, § 1061
For purposes of this chapter, the following terms shall have the meaning stated hereinbelow:
(a) Acquisition.— Means the process through which the title deed, ownership, and use and enjoyment of a real property is procured and obtained, be it through purchase, exchange, dation in payment, foreclosure, transfer, or donation.
(b) Monthly contribution.— Means the monthly payment made by each member to cover the proportional responsibility for operating expenses, reserve funds, mortgage payments, and service costs.
(c) Limited-equity cooperative.— Means a housing cooperative in which income parameters to qualify for admission are set so that persons with low- or moderate-income can be ensured access.
(d) Conversion.— Means the process through which a type of property regime is constituted or changed into another, including, but not limited to the horizontal property regime, the joint ownership cooperative regime, and the member-owner cooperative housing regime. It shall also apply to the conversion of public properties, including public housing projects subsidized with state and federal funds, into a joint ownership cooperative or member-owner housing cooperative regime.
(e) Occupancy rights.— Means the continuous and permanent right to live in a housing cooperative during the existence thereof; provided, that corresponding financial and regulatory obligations are met, the status as member is maintained, and the person continues to reside therein.
(f) Rehabilitation.— Means the process of substantially improving, renovating, or expanding an existing real property in which funds equal to at least twenty-five percent (25%) of the value of the property to be rehabilitated, renewed, or expanded, as established by a certified appraisal, have been invested to make it compliant with acceptable occupation parameters.
(g) Reserves.— Means the budget items of the cooperative involving funds that are saved and earmarked for a particular purpose. Some of these items include replacements, painting, and general operations. It constitutes one of the most important financial tools of the cooperative housing model.
History —July 27, 2011, No. 147, § 3.