The residents of a housing co-op are members of the co-op corporation, which own the whole property.
The co-op rents a unit (e.g., townhouse or apartment) to the member household.
Members do not own individual units in which they live.
Provincial co-ops are governed under the
Housing Services Act, 2011 (HSA) and the Co-operative Corporations Act.
Managed by Members
All members have an equal say in how their co-op is run – “one member, one vote.”
Members approve the co-op’s annual budget and by-laws. They also approve policies and elect a Board of Directors, each of whom is a resident of the co-op.
Other members work on committees or perform various tasks to help with the work involved in running the co-op.
Co-ops also rely on staff to manage the co-op office and look after the day-to-day business.
Involvement by Members
The key difference between co-ops and other kinds of non-profit housing is that co-op members are actively involved in the running of their community.
Each member must volunteer time to serve on the Board or on a committee, or volunteer for some other task.
Members do not need special skills to get involved; they learn from one another as well as in special training sessions.
Member participation helps build neighbour relationships, thereby creating a sense of community and providing a safe place for children and adults.
Members’ volunteer efforts help keep overall housing costs to a minimum.
Who can live in a Housing Co-op?
Anyone can apply to live in a housing co-op. People of all backgrounds and cultures – young and old, married or single with or without children – live in co-ops.
Co-ops also provide homes for people who require special needs housing.
Co-ops select their own members from a list of applicants who demonstrate a willingness to share the responsibility of running the co-op should they become residents.
It is important co-op members be willing to live in a diverse community.
How much does it cost?
Each member household pays a monthly housing charge (i.e., rent). Some households pay the market housing charge and other households pay an assisted housing charge that is based on their income.
The market housing charge is reviewed annually and is based on market rental charges in similar private rental units.
An assisted housing charge (i.e., rent geared to income assistance) is approximately 30% of the gross monthly household income.
How do I apply?
Applications are made through Peel Access to Housing (PATH) Region of Peel for Rent Geared to Income (subsidy).
All applications made to PATH for Rent Geared to Income Assistance shall be placed on the Centralized Waiting List in accordance with the
HSA
regulations.
You may select one or more co-ops on the PATH Building Selection Sheet.
Many co-ops hold regular information meetings. You may be invited to one or more depending on the number of co-ops you have selected.
All applicants will be invited to an interview with members of the co-op selection committee. They will inform you of your rights and responsibilities of living in a co-op.
Applicants must be approved for membership by the co-op’s Board of Directors.
For more information on co-op housing in Peel Region, please contact PATH.
