What’s a Co-op?
A housing co-operative, or housing co-op, is a housing complex owned and operated by its members. The primary objective of a housing co-op is for its members to provide themselves with quality, self-managed housing. Co-ops are usually apartment buildings, or townhouses, or a combination of both. The members of the co-op serve as their own landlord.
Each housing co-operative is a registered, not-for-profit society. No individual member actually owns a suite, however, all members jointly own, and are responsible for, the operation of their co-op. (Equity co-ops exist where members purchase their suites, but Four Sisters is not one of these.)
Membership
To live in a co-op, you must first become a member. A person interested in applying for membership submits a completed application form, and is then interviewed by the co-op's membership committee. Based on the interview, the membership committee makes a recommendation to the board of directors as to whether or not the applicant would make a good co-op member. The board then passes a motion to accept, or reject, the applicant as a member.
Like to garden?
Four Sisters Co-op has 4 roof-top gardens, terraces like this one,
a beautiful enclosed courtyard, and a green house on the 6th floor
of the high-rise.
A co-op is a corporation
Each member is required to purchase a share in the corporation. The amount of the share varies from co-op to co-op. At Four Sisters the share is equal to the amount of one month's housing charge (rent). If a member leaves the co-op in good standing (no money is owed and the suite is up to co-op standards) the share is refunded to the member. Interest is not returned on the share.
Co-ops are operated by an elected board of directors. Only co-op members may serve on the board. The membership elects 12 board members.
Co-ops usually hire one or more employees. At Fours Sisters we contract with CANA, a co-op management company that supplies an office co-ordinator. The office co-ordinator works with the co-op board of directors and its committees to take care of the day to day business. We also contract a maintenance co-ordinator who works with our maintenance committee to take care of the building repairs and upgrades. We also contract for auditing services.
Why wouldn't I want to live in a housing co-op?
If you're not looking for a home with a sense of community, if you are not interested in participating to help make the co-op a success—if you're just looking for a place to live, then co-operative housing is not for you. Housing co-ops aren't for everyone, but for many, they're the only way to live.