About Co-Ops
Co-operative housing is unique from other forms of housing. While members don’t own their units outright, they do have more input into how things are run than if they were renting. Members of a co-op collectively operate the co-op, through the election of a Board of Directors comprised of those who live in the same co-operative community.
What Are Housing Co-Ops?
Housing co-ops offer a unique style of living, wherein co-op residents are neither renting nor owning. Instead, they are members of an organization which owns and runs the building(s) in which those individuals live. A key benefit of being part of a housing co-operative is that it is run by the same people who live there – contributing to a sense of community and offering self-governance.
Do Members Pay Rent?
Co-op members don’t pay rent or a mortgage. Instead, they pay “housing costs” or “housing charges.” Unlike a landlord, co-operatives do not house folks for a profit. Instead, monthly housing charges are set by the members themselves on at at-cost basis, meant only to cover the expenses of running the co-op. The Co-Operative Corporations Act specifically prohibits housing co-operatives from being run for-profit.
What Are The Perks Of Living In A Co-Op?
One of the biggest differences between co-operative housing and renting is the sense of self-governance that comes with being a member of a co-op. Members can make decisions about their own homes, voting on everything from how what the housing costs are to what kind of improvements or renovations will be done. Additionally, since members are expected to contribute a specified number of volunteer hours each month for the betterment of the co-op, a real sense of community quickly develops.
What Is Expected of Members?
As mentioned, members are expected to contribute a certain number of volunteer hours to the co-op on a monthly basis. The specific amount is voted on by the members and varies from co-op to co-op. Typically speaking, they average about four hours per month. Members are also expected to attend and vote at the Annual General Meeting.
How Can I Learn More About Limestone City Co-Operative Housing?
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