So if you need one now, or expect you will in the future, apply for one early. Housing charges are based on actual operating costs and are used to repay the mortgage and operating expenses of the property. Each member has a vote in the general meetings. Members volunteer to serve on committees or the Board of Directors to manage the operations of the co-op. Decisions about spending money, setting co-op goals and rules, are made by members.
Membership is limited to residents of the co-op.
Co-op units may not be bought or sold for profit and there is no landlord. Members may live in their units as long as they meet the conditions set out in their Occupancy Agreement. In order to join a co-op, you must file an application and meet selection criteria. Special arrangements may be made to help you make this payment. Co-ops usually have a waiting list of people wishing to join, so it is important to apply as soon as possible.