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How does a Co-op work?
Housing Co-ops are independant and self-directing.
The members of the co-op live in the apartments owned by the Co-op. the members have meetings at which they vote
on decisions about how the Co-op will be run. Each member has one vote. Every year, one of these meetings is held to
elect a Board Of Directors to manage the Co-op.
Members pay a membership fee to belong to the Co-op. They also pay regular monthly housing and parking charges
and a member deposit. The member deposit is a combination of the last month's housing charge (rent) and a maintanence guarantee.
The monthly housing charge covers all the regular operating costs such as: mortgage, property taxes, utilities,
repairs and salaries. The monthly charge also includes money set aside to make future repairs.
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Co-ops depend on their members to make the Co-op successful.
Members are expected to attend all members meetings and help make decisions. Members can also be on the Board
Of Directors or any other groups that gets together to do something special- plant a garden or organize a children's party
for example.
Problems in the Co-op community are dealt with by members pitching in and helping sort things out. The Co-op
hires staff and the services of professionals as needed but important decisions and final responsibility rest with the members.
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