ABOUT US
WHAT IS A HOUSING CO-OPERATIVE?
A housing co-operative (co-op) is a democratic corporation, controlled by the people who live there. Co-ops emerged as a way of restoring community living while providing secure, affordable housing. Each adult resident is a member of the Co-op. Members jointly own the housing and lease the units back to themselves at cost. Members of the Co-op share in the management, maintenance and decision-making, thereby helping to minimize operating costs.
HOW IS THE CO-OP MANAGED?
Co-ops depend on the active participation of their membership. Each member has a equal voice in the management of the co-op and should vote on major decisions concerning policy, budgets, and housing charges (rent).
Annually, the members elect from amongst themselves the Board of Directors.
The Board of Directors appoints Committee members and manages day-to-day administration of the co-op with the assistance of co-op employees. Board decisions are based on the policies approved by the members.
Committees are formed by members who volunteer to assist the Board in specific aspects of co-operative management. Committees include:
1. The Finance Committee, together with the treasurer and bookkeeper, assists in the financial management of the co-op and prepares the annual budget.
2. The Membership Committee interviews prospective members and helps develop policies for accepting and housing new members.
3. The Maintenance Committee is responsible for the overall upkeep of the land and buildings. It organizes member work parties, schedules such duties as lawn mowing and painting and determines the need to employ repair or other contract services.
4. The Social Committee welcomes new members and organizes social, cultural and recreational programs and events.
5. The Newsletter Committee facilitates communication within the co-op through the production of a newsletter.
WHAT ARE THE ADVANTAGES OF
CO-OP LIVING?
1. DEMOCRATIC CONTROL
Members make decisions about policies, procedures, expenses, housing charges (rent) and co-op management. Each member has a vote and is expected to participate in the on-going operating of the co-op
2.COST
Since co-ops are operated on a non-profit basis, members have the assurance that their housing costs will rise only to meet increased operating costs, not to provide a profit to a landlord.
Volunteer participation helps keep costs down, and members decide on a budget which determines housing charges for the coming year.
3.SECURITY
The co-op is collectively owned and will never be resold. Members have the security of knowing that they can live in their homes as long as they continue to meet the criteria and obligations for membership.
4. COMMUNITY
A housing co-op provides a community atmosphere where neighbours know each other and work together to ensure their homes are secure, affordable and well-maintained. People of all incomes, occupations and backgrounds are welcome to become members.
HOW DO I BECOME A MEMBER?
If you are interested in living in the co-op and are willing to participate, you are welcome to become a member. After you have completed an application form, you will be interviewed by two co-op members. Once your application has been approved by the Board of Directors and there is a suitable vacancy, you will be offered a unit. If you accept the unit offered, a holding deposit, which is deducted from your first months housing charges, is required. Other initial expenditures include a nominal membership fee for each adult (18 years and over), and a unit deposit. The unit deposit is refundable shortly after you move out, provided that your unit has been left in an acceptable condition.
