What is a Housing Co-operative?
What is a Housing Co-operative, and what makes it unique?
In a housing co-operative, the housing development is jointly operated by its members. They own membership shares in the corporation, giving them the right to occupy a dwelling unit and participate in the operations of the corporation. The co-operative housing corporation owns the total property.
Membership means control. Each year members elect from among themselves a Board of Directors to run the housing co-operative. They serve on committees with various responsibilities such as new member selection, member relations, maintenance, finance and social/recreation. Sometimes they hire staff, but the final decisions and responsibility rests with the members.
The units in a housing co-operative are not individually owned. They are owned by the co-operative and cannot be bought or sold for profit.
Co-operatives offer control of one's living environment and a security of tenure not available in rental housing, not subject to landlords.
Instead of rent, members pay a monthly housing charge to cover all costs. Charges rise only as costs increase.
Physical Benefits
Shared Maintenance Responsibilities - Co-operative members usually have direct maintenance responsibilities. The co-operative is responsible for upkeep of common grounds and facilities, major repairs, insurance and replacement of worn-out equipment. For the major items the work is contracted to professionals.
Vandalism and Security - Co-operative members vigorously protect their property. An important benefit of co-operative ownership is reduction in vandalism and abuse of property and improved and shared security arrangements. Recent studies show that the co-operatives' presence in the neighbourhood brings crime down in the area.
Co-operative Housing - Over one million families are provided with pleasing and affordable places to live through housing co-operatives. Owned and controlled by members, co-operative housing often provides significant savings over physically comparable rental or single-family housing.
Non-profit Co-operative Housing Means...
Affordability - Non-profit co-operative housing is design to be affordable. Unlike rents, co-operative housing charges rise only with increase in operating costs. Co-operatives provide housing at cost to low and moderate incomes.
Good Quality, Modest Housing - Co-operatives seek to provide the highest quality housing possible within cost guidelines, both in initial construction and through continuing maintenance.
Building Communities - Co-operatives are communities within larger communities. Members share common goals and a sense of identity and pride from working together... Co-operatives make good neighbours, and can revitalize decaying neighbourhoods. Many set up recreational, social, educational and mutual help programs.