A type of housing project that has five or more individually owned homes and each owner has a share of the common areas

PUDs are generally found in suburban areas. You own your home and the land it's on, as well as a part of the areas that you share with other home owners, like the grounds and swimming pool. Similar to a condominium, you have to pay an owner's association monthly fees to maintain the common areas.

Compare: Condominium, Cooperative