“Common interest subdivision” includes subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The following types of common interest subdivisions are recognized by the city of San Luis Obispo, consistent with the Davis Sterling Common Interest Development Act:

A. “Condominium project” consists of an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map, or condominium plan in sufficient detail to locate all boundaries thereof. The area within these boundaries may be filled with air, earth, or water, or any combination thereof, and need not be physically attached to land except by easements for access and, if necessary, support. Generally, condominiums are recognized as airspace ownership.

B. “Community apartment project” means a development in which an undivided interest in land is coupled with the right of exclusive occupancy of any apartment located thereon. For the purposes of these regulations, community apartments will be subject to the same requirements as condominiums.

C. “Stock cooperative” means a development in which a corporation 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, and all or substantially all of the shareholders of the corporation receive a right of exclusive occupancy in a portion of the real property, the title to which is held by the corporation. The owners’ interest in the corporation, whether evidenced by a share of stock, a certificate of membership, or otherwise, shall be deemed to be an interest in a common interest development and real estate development for purposes of subdivision (f) of Section 25100 of the Corporations Code. A “stock cooperative” includes a limited equity housing cooperative which is a stock cooperative that meets the criteria of Section 33007.5 of the Health and Safety Code. (Ord. 1729 § 4 (Exh. A), 2023)