What is a housing co-operative?
A housing co-op is a legal entity made up of people who choose to pool money and resources and work together to meet a common goal. Members are share owners who participate in the governance and day-to-day business involved in maintaining the housing co-op.
What are the benefits to co-op living?
There are many benefits to living co-operatively. In addition to having a direct say in our own governance – something very unlikely in a rental situation, there are the following benefits:
Affordable
Living in co-ops is often more affordable than other types of housing. Since most Co-ops mandates are to provide affordable housing and they are not for profit, the housing charges are not based on what the market will bear, but rather than what is reasonable, affordable and necessary to maintain the co-op in good repair.
Stability and Security
As member-owners rather than tenants, co-op members never need worry about their home behind sold out from underneath them, or being the victim of a reno-viction. Co-ops are governed by the co-operative act and members can reasonably expect to remain in their homes as long as they wish to live there as long as they follow the policies that have been agreed upon by the general membership and pay their housing charges on time and in full.
Having a Voice
Every members has a vote. At every general meeting, every annual meeting, evey budget meeting – every members has a right to be heard, to put for ideas, and to object or vote against things they do not agree with. Every members is encourage to be involved in some way with the governance of the co-op. This gives members a sense of empowerment and pride that may not be present in a rental situation.
Co-operative Principles
Voluntary and Open Membership
Co-operatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
Democratic Member Control
Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organised in a democratic manner.
Member Economic Participation
Members contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.
Autonomy and Independence
Co-operatives are autonomous, self-help organisations controlled by their members. If they enter into agreements with other organisations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative autonomy.
Education, Training and Information
Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co-operatives. They inform the general public – particularly young people and opinion leaders – about the nature and benefits of co-operation.
Co-operation among Co-operatives
Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and international structures.
Concern for Community
Co-operatives work for the sustainable development of their communities through policies approved by their members.