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235 Manse Road, Unit 68 West Hill, Ontario M1E 4X7 416-282-3669 NeilsonCreek@bellnet.ca |
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| About Co-op Housing | |
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Non profit housing co-ops provide an affordable alternative to purchase or rental and are established with the principles of co-operative housing. Under the the Co-operative Corporations Act, these co-ops are known as Co-operatives without share capital which means the members do not own their units. There is no landlord as the members run the co-op on a non profit basis themselves. Some of the units are subsidized where the member pays a portion of the full housing charges and the Federal Government provides subsidy to make up the balance. The main differences between non profit co-op housing and renting are as follows:
Members make the major decisions on how the co-op is managed and maintained.
Co-ops are non profit organizations. Members review the finances of the co-op and have a say in the budget proposals presented annually. Any increases in housing charges reflect the true cost increases and not profit. Normally, the housing charges are less than what members would pay if they were renting.
There is no lease, however the member agreement states that they must follow the bylaws. Members may enjoy the the benefits of co-op housing as long as they wish providing they are following the bylaws.
Each member has one vote and the right to speak openly on each issue brought up at general meetings without fear of retribution or any form of punishment.
Housing co-ops are encouraged to get involved with not only other housing co-operatives but the immediate commmunity in which they are established in order to keep relations harmonious with the rest of the commmunity.
Objectives, Guidelines, Privacy Policy & Contacts
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