Housing co-operatives provide not for profit housing for there members. Co-op housing also offers security. Co-ops are controlled by there members who have a vote in decisions about there housing.
Some co-op households pay a reduced monthly rent(Housing Charge) geared to there income. Goverment funds cover the difference between this payment and the co-op’s charge. Other households pay the full market charge based on cost.
The members do not own equity in there housing. If they move , their home is returned to the co-op, to be offered to another individual or family.
Each co-op is a legal association, incorporated as a co-operative. if you live in a co-op you are:
- A voting member who contributes to the governance of the co-op by electing a boardof directors, vote on the annual budget and receive audited financial statements.
- Part of a community where neighbours look out for one another.
Co-operatives are based on values of self-help, self responsibility,democracy,equality and solidarity. In the tradition of their founders, co-op members believe in ethical values of honesty, openness,social responsibilty and caring for others.