What Is Co-operative Housing?
• Co-ops are owned by their members
• Co-ops are accountable to their members
• Co-ops are connected to their community
Being a co-op member means having control over your housing. It also means you have a responsibility to make sure that your co-op is a well-managed and pleasant place to live. If you join a co-op, you will be expected to do the following:
Buy shares in the co-op
Pay a monthly housing charge
Follow the co-op's rules and policies
Attend members’ meetings
Participate in governing and maintaining the co-op by joining a committee or the board
Be a good neighbour!
Before you apply to become a member, you need to ask yourself if you will have the time and energy to participate in your co-op. The following guidelines are part of the co-operative principles which all co-operatives put into practice:
open membership
democratic member control
economic participation
independence
co-operative education
co-operation with other co-operatives
community
What is subsidy?
Most non-profit housing co-ops currently offer subsidy to some of their housing units. The housing charge for these units is adjusted to the income of the household. If a household qualifies for a subsidy, their housing charge is usually set at roughly 30% of the household’s income. Not all co-ops have subsidy available, and subsidy is not a certainty going forward.
If you require a subsidized housing unit, click here to learn more about subsidized units in Victoria through BC Housing – BC Housing handles subsidized housing applications from a number of different sources, including CRD Housing and some housing co-ops.
More information…
You can find more information on housing co-ops on the CHF BC (Co-op Housing Federation of British Columbia) website or the CHF Canada (Co-op Housing Federation of Canada) website.
