What type of entity is responsible for managing shared residential properties?

The Condominium Corporation is the entity responsible for managing shared residential properties within a condominium development. This corporation is established when a condominium is created and is governed by the Condominium Act, which outlines the responsibilities and powers of the corporation, including managing common areas, ensuring compliance with the condominium's bylaws, and maintaining financial records.

The Condominium Corporation typically consists of all unit owners, who have voting rights in the corporation's affairs. This structure allows for collective decision-making regarding the management and maintenance of the property. The corporation is tasked with addressing the needs and interests of the community, and it often employs property management professionals to handle day-to-day operations.

In contrast, while a Community Association may manage some shared properties, it typically operates in different contexts, such as planned communities or neighborhoods rather than specifically condominiums. A Residential Management Company often provides management services to various property types but is not a governing entity like a Condominium Corporation. Similarly, a Housing Authority usually deals with public housing and affordable housing programs rather than the management of condominium communities. Thus, the specific framework and responsibilities of the Condominium Corporation make it the correct answer in this scenario.