Housing co-operatives provide not-for-profit housing for their members. The members buy an equity share to live in the co-op but do not own equity in their housing. Members pay rent while they live in the co-op. If a co-op member moves, their unit is returned to the co-op to be offered to another individual. The departing member receives their equity share back with no interest; there is no profit for the member.
Co-ops charge their members only enough to cover costs, repairs, and reserves; they can offer housing that is much more affordable than average private sector rental costs. Co-op housing offers safety and security. Co-ops are controlled by their members who have a vote in decisions about their housing and there is no outside landlord. Each housing co-operative is a legal association, incorporated as a co-operative.
If you live in a non-profit housing co-op you are:
A voting member who contributes to the governance of the co-op
Part of a community where neighbors look our for one another
Living in housing that can stay affordable because it’s run on a non-profit basis and is never resold
Required to follow the policies and procedures in the co-op handbook.
Co-op members have the right to:
Vote on the annual budget which sets the monthly housing charges and affects the quality of you housing - for example, how much the co-op will spend on property upkeep
Elect a board of directors made up of people who live in your co-op
Run for the board of directors
Receive audited financial statements that show how the co-op spent your money.
Springfield Seniors Non-Profit housing Co-op has over 150 paid members, is officially incorporated in the Province of Manitoba, and is operated by a dynamic volunteer board of community leaders. Springfield Seniors Non-Profit Housing Co-operative is a member of the Co-operative Housing Federation of Canada.
So how do you secure your unit in Dugald Estates?
A membership fee of $25.00 is required to enter the Springfield Seniors Non-Profit Housing Co-op.
Plus: Purchase an equity share of $89,610 (refunded when you leave)
Not ready yet? A deposit of $1,000 will put you on the priority waiting list.
More Information
You can find more information about co-operatives at the following links
Membership
If you want to become a member you can fill out the following form and provide a $25 Membership fee
Deposit
If you want to go on the priority waiting list, please fill out the following form in duplicate, print it double sided and make an appointment. An additional $975 refundable deposit is required.