Benefits of Co-op Membership
BENEFITS of MEMBERSHIP
Security of Tenure
Members may live in their homes safe in the knowledge that the project may never be sold nor will they ever be forced to leave for any reason so long as they are willing to meet their responsibilities of membership.
Aside from home ownership, Co-operatives are the only form of housing which is democratically controlled by its resident members. The co-op does not have a landlord. All important decisions are made by residents.
Many decisions are made directly by residents at general members’ meetings, usually held four times per year. Day to day decisions are made either by a Board of Directors voted into office by the members or by one of a series of committees made up of co-op members.
Only members may live in the co-op and only residents can hold membership in the co-op.
From time to time, peoples’ housing needs change. As families grow larger, or smaller, or when their health changes, members may need to move to a more suitable unit.
In housing co-ops, members are given priority over new applicants when a move to a different unit is required.
Unlike most rental accommodations, housing co-ops were specifically developed with a strong sense of community in mind.
Co-op members are committed to making their community a safe, friendly and vibrant place in which to raise their families.