1) Low Rental Housing Co-operatives(co-ops):
The following comments were copied from the Reddit web site June 2014
A co-op is a union of people and is controlled by a democracy. Each member has one share and one vote, regardless of their patronage level. This business model pools the resources, knowledge, skills, and capital of its members, giving everyone a say in the direction it takes.
What are the rules for co-op housing in BC:
Together, co-op members own their housing jointly and control the co-op's governance and management. A co-op member must own at least one common share in the association and live in one of the co-op housing units. Normally, a member must be at least 19 years old (although a co-op may allow members as young as 16).Oct 1, 2023
Since the late 1970s older adults have had another option: senior cooperative housing, or senior co-ops.
Active 55 and older residents own a share of the community in senior cooperative housing, and they have an equal say in how it is run. They also get the tax benefits of homeownership without the hassle of home upkeep. Co-ops can be less expensive than apartments since they operate on an at-cost basis, collecting money from residents to pay expenses. However, before buying shares of a company, be sure to check out the company's financial situation and the fees involved.
Co-ops are generally looking for socially minded people who will contribute to the running of the co-op, and get along with other members etc.. There are a few co-ops who do have 55+ age buildings which does improve the chance of residence by a senior.
Co-ops are also more affordable and provide security of tenure. However, after applying for residence, chances of getting into any co-opwithin a year or two, are probably zero.
Many/most co-ops are closed to new applicants because it will take years if not decades to exhaust the list of applications they received when they were still accepting them. Getting in to a co-op is a long-term game. Add to that, most co-ops have long-term, aging residents, the average age is probably well over 50, and so when a vacancy does come up, the co-op tends to fill it with a younger applicant to maintain age diversity.
Financial Requirements:
Co-ops typically have minimum income thresholds (and sometimes maximums) based on having no more than 30% of income going to housing charges. So for a one bedroom at $1000 per month, the minimum income would be $40K. Sadly, savings or investment income does not typically qualify as income for co-ops. You can be a wealthy retiree and not qualify for the minimum income.
Also note that with the housing crisis being what it is, it seems that cooperatives are increasingly filling vacancies with friends & family. So in reality, it seems there is a lots to consider before spending the time & energy to submit applications.
Downsides:
Co-op fees can become expensive. The application process to purchase a co-op is rigorous. Some co-ops don't allow financing, and those that do may require high down payments. Co-ops are not generally considered investment properties, as you can't rent them out, and they don't have much upsell potential.
For more information about local co-ops visit the North Vancouver City Library web site by clicking
here.
|
