A Good Place to Call Home
Housing co-ops are in every neighbourhood in the city. A co-op can be a medium size apartment building or townhouses. People who live in co-ops come from every walk of life. They are people with different backgrounds, varied incomes and sometimes they are people with special needs. These diverse and vibrant communities are the unique strength of housing co-ops.
How Does Co-op Housing Work?
Housing co-ops are member-owned and controlled. Co-ops can provide an affordable housing alternative for people on moderate incomes. The people who live in housing co-op’s are members not tenants.
Co-ops are democratically run and each member has a vote. Members elect from among themselves, a board of directors to manage the business of the co-op. Members elect the Board of directors, approve the annual budget and set policy. The monthly housing charges (rent) are set by the members to cover the costs of running the co-op.
As a co-op member, you have security of tenure. This means that you can live in your home for as long as you wish if you follow the rules of the co-op. What sets co-ops apart from private rental housing is that they are democratic communities where the residents make decisions on how the co-op operates.
Co-operative Living and Principles
Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility, and caring for others.
Co-operative Principles
The 7 co-operative principles are guidelines by which co-operatives put their values into practice.
- Voluntary and Open Membership – Membership in a housing co-op is open to all who can use the co-op’s services and accept the responsibilities of being a member, without discrimination.
- Democratic Member Controls – Housing co-ops are controlled by their members. Each member has one vote. Housing co-ops give members the information they need to make good decisions and take part in the life of the co-op.
- Members’ Economic Participation – Members contribute financially to the co-op and share in the benefits of membership. The co-op does not pay a return on the members’ shares or deposits. Instead, it sets aside reserves for the future and charges the members only what it needs to operate soundly.
- Autonomy and Independence – Housing co-ops are independent associations. They follow the laws that apply to them and their agreements with governments or other organizations. But the members control the co-op.
- Education, Training, and Information – Housing co-ops offer education and training to the members, directors, and staff so that everyone can play a full role in the life of the co-op. Housing co-ops find ways to tell the public what they are and what they do.
- Co-operation Among Co-operatives – By organizing together in federations, housing co-ops grow stronger and help to build a healthy co-op movement. Where they can, housing co-ops use the services of co-op businesses to meet their needs.
- Concern for Community – Housing co-ops work to build strong communities inside and outside the co-op. They help to improve the quality of life for others and they take care to protect the environment.
