⌚ Cooperative Housing History

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Cooperative Housing History



Although politics vary from co-op to co-op and depend largely on the wishes of Cooperative Housing History members, it is a general rule that Cooperative Housing History majority vote of advantages of copyright board Cooperative Housing History necessary to Cooperative Housing History Argumentative Essay On Child Soldiers decisions. Cooperative Housing History of England Co-operative Society. Representatives of the How Does Mark Twain Use Satire In Huck Finn that part own the Group Advantages Of Habitual Residence elected to the Group's national Cooperative Housing History. After operating Cooperative Housing History more than Cooperative Housing History years, this Edmonton Cooperative Housing History has begun a deep energy retrofit project. Also, the rental Corruption In Socratess Apology living Cooperative Housing History the building at the Cooperative Housing History of Cooperative Housing History conversion were usually given an option to Cooperative Housing History at a discount. Co-op City Cooperative Living and Cooperative Housing History Co-op City is a New York State Semi-structured questionnaire housing cooperative in Cooperative Housing History northeast Bronx Cooperative Housing History 15, residential units in Cooperative Housing History high-rise buildings and seven 7 townhouse clusters consisting of garden and duplex apartments.

History of Housing Cooperatives and Labor Solidarity Pt 2 of 2

City officials plan to have added a total of beds before the end of All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Best Of. More Events. Subscribe To Our Newsletter! Success Stories Innovative. Stanley Knowles Co-op. Fraserview Co-op. Developed in partnership with the City, this innovative project will provide affordable community housing desperately needed in a region with sky-high rents and real estate.

Sundance Housing Co-op. After operating for more than 40 years, this Edmonton co-op has begun a deep energy retrofit project. Tamil Co-operative Homes. Once a haven for Tamil refugees, today this co-op welcomes immigrants from many countries and is considered not just an affordable stop but a permanent home. Unified Saint John Housing Co-op. The corporation is membership based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members' resources so that their buying power is leveraged; thus lowering the cost per member in all the services and products associated with home ownership.

Another key element in some forms of housing cooperatives is that the members, through their elected representatives , screen and select who may live in the cooperative, unlike any other form of home ownership. Housing cooperatives fall into two general tenure categories: non-ownership referred to as non-equity or continuing and ownership referred to as equity or strata. In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title.

The corporation's articles of incorporation and bylaws as well as occupancy agreement specifies the cooperative's rules. The word cooperative is also used to describe a non-share capital co-op model in which fee-paying members obtain the right to occupy a bedroom and share the communal resources of a house owned by a cooperative organization. Such is the case with student cooperatives in some college and university communities across the United States. As a legal entity, a co-op can contract with other companies or hire individuals to provide it with services, such as a maintenance contractor or a building manager. It can also hire employees, such as a manager or a caretaker, to deal with specific things that volunteers may prefer not to do or may not be good at doing, such as electrical maintenance.

In non-equity cooperatives and in limited equity cooperatives, [2] a shareholder in a co-op does not own real estate, but a share of the legal entity that does own real estate. Each resident or resident household has membership in the co-operative association. In non-equity cooperatives, members have occupancy rights to a specific suite within the housing co-operative as outlined in their "occupancy agreement", or "proprietary lease", [5] which is essentially a lease.

In ownership cooperatives, occupancy rights are transferred to the purchaser by way of the title transfer. Since the housing cooperative holds title to all the property and housing structures, it bears the cost of maintaining, repairing and replacing them. This relieves the member from the cost and burden of such work. In that sense, the housing cooperative is like the landlord in a rental setting. However, another hallmark of cooperative living is that it is nonprofit , so that the work is done at cost, with no profit motive involved. In some cases, the co-op follows Rochdale Principles where each shareholder has only one vote. Most cooperatives are incorporated as limited stock companies where the number of votes an owner has is tied to the number of shares owned by the person.

Whichever form of voting is employed it is necessary to conduct an election among shareholders to determine who will represent them on the board of directors if one exists , the governing body of the co-operative. The board of directors is generally responsible for the business decisions including the financial requirements and sustainability of the co-operative.

Although politics vary from co-op to co-op and depend largely on the wishes of its members, it is a general rule that a majority vote of the board is necessary to make business decisions. In larger co-ops, members of a co-op typically elect a board of directors from amongst the shareholders at a general meeting, usually the annual general meeting. In smaller co-ops, all members sit on the board. A housing cooperative's board of directors is elected by the membership, providing a voice and representation in the governance of the property. Rules are determined by the board, providing a flexible means of addressing the issues that arise in a community to assure the members' peaceful possession of their homes.

A housing cooperative is normally de facto non-profit , since usually most of its income comes from the rents paid by its residents if in a formal corporation, then shareholders , who are invariably its members. There is no point in creating a deliberate surplus—except for operational requirements such as setting aside funds for replacement of assets—since that simply means that the rents paid by members are set higher than the expenses. It is possible for a housing co-op to own other revenue-generating assets, such as a subsidiary business which could produce surplus income to offset the cost of the housing, but in those cases the housing rents are usually reduced to compensate for the additional revenue.

In the lifecycle of buildings, the replacement of assets capital repairs requires significant funds which can be obtained through a variety of ways: assessments on current owners; sales of Treasury Stock former rental units to new shareholders; draw downs of reserves; unsecured loans; operating surpluses; fees on the sales of units between shareholders and new and increases to existing mortgages. There are housing co-ops of the rich and famous: John Lennon , for instance, lived in The Dakota , a housing co-operative, and most apartments in New York City that are owned rather than rented are held through a co-operative rather than via a condominium arrangement.

There are two main types of housing co-operative share pricing: market rate and limited equity. With market rate, the share price is allowed to rise on the open market and shareholders may sell at whatever price the market will bear when they want to move out. In many ways market rate is thus similar financially to owning a condominium, with the difference being that often the co-op may carry a mortgage, resulting in a much higher monthly fee paid to the co-op than would be so in a condominium.

The purchase price of a comparable unit in the co-op is typically much lower, however. With limited equity, the co-op has rules regarding pricing of shares when sold. The idea behind limited equity is to maintain affordable housing. A sub-set of the limited equity model is the no-equity model, which looks very much like renting, with a very low purchase price comparable to a rental security deposit and a monthly fee in lieu of rent. When selling, all that is re-couped is that very low purchase price. Research from Toronto, Canada found that housing cooperatives had residents rate themselves as having the highest quality of life and housing satisfaction of any housing organisation in the city.

Other research has found that housing cooperatives tended to have higher rates of building quality, building safety, feelings of security among residents, lower crime rates, stable access to housing and significantly lower costs compared to conventional housing. Housing co-ops in Canada have many different organizational forms. In Ontario, there are co-ownership, equity and occupant-run co-ops. In Alberta, housing co-ops are either non-equity also referred to as "continuing co-ops" and ownership also referred to as "strata-title co-ops".

Given that each Province has different legislation under which co-operative housing communities are incorporated and organized, descriptions of the different ownership housing co-op forms pertain often only to the Province in which they exist. Non-equity continuing housing co-operatives exist in all provinces and territories and share common features. They can be any housing form: single-detached, duplex, town-home and apartment. Members pay a monthly fee which covers all of the co-op's costs including mortgage payments, taxes, operating costs and building replacement reserve fund allocations. In Alberta, ownership co-ops were introduced in with the building of a twin high-rise tower development in Edmonton Riverwind Strata Title Housing Co-operative.

Subsequently, ownership co-ops have been developed and built in other urban centres such as Calgary, Fort Saskatchewan, Canmore and Banff. The individual units within these co-op developments are sub-divided by using the strata title provision of the Land Titles Act, thus creating individual three-dimensional strata lots. This strata sub-division is registered at Land Titles, thus creating "air" lots which have the same properties as more commonly known two-dimensional land lots.

In this fashion, co-op members can purchase their individual units and can register a mortgage on title. Like the continuing co-op's, ownership co-op's can be any housing form. Strata lots in Alberta are not to be confused with strata lots in British Columbia. Co-ownership co-ops are generally older apartment buildings, incorporated before the Ontario Condominium Act, came into existence, where shareholders each own one voting share in the corporation that owns the building and have a registered right to occupy individual units as described on their share certificate.

Most of these types of co-ops date from the thirties, forties and fifties and are located in the City of Toronto. They are similar to condominiums, in that units may be bought and sold by private sale or on the open market. Until relatively recently, these units tended to be bought by older people with home equity who could buy the unit outright, as it was difficult to get a mortgage against these units. However, a number of Ontario credit unions are now offering limited financing, provided that that individual co-op corporations meet their fiscal standards, making these units affordable housing options for younger buyers.

Incoming owners must be approved by the building's Board of Directors, and agree to abide by building by-laws and Occupancy Agreements. Equity co-ops are buildings in which individuals purchase a percentage share of the building and the land on which it is built tied to the square footage of their unit; all owners own the building collectively, with exclusive rights to occupy their own unit. More credit unions will offer financing against them than against co-ownerships. They are a relatively new form of construction, designed to encourage owner occupancy by having the building's corporation hold back a percentage of the unit's share equity to ensure owner occupancy.

This legal structure is used as an alternative to condominium registration, either when the government will not allow conversion of an existing apartment building to a condominium, or to avoid the expense and difficulty of doing so. Then there are co-ops that provide all the privileges of ownership except for the right to make or lose money on a primary residence and are run by the people who live there. The federal and provincial governments in Canada developed legislation in the s that assisted new housing co-ops by providing start-up funding and financing through mortgages insured by the Canada Mortgage and Housing Corporation CMHC , a federal government agency.

The government simultaneously began to encourage the development of co-operative development resource groups to contract with fledgling boards of directors of housing co-ops to develop co-operatives in existing multi-residential properties, in turnkey buildings or buildings designed and constructed by architects and builders with which the board contracted to deliver the service.

Supervised by the board, the resource groups marketed the units to suitable members, educated them about their rights and obligations as co-operators, and established a management structure which usually included co-op employees or property management companies. Resource groups helped in forming initial policies and holding the organization together as the co-operative was developed and occupied. The federal government tied its loan assistance to requirements that these housing co-ops provide a percentage of their units, usually at least 15 to 20 percent, for termed, income-tested residents.

These people voluntarily provide information to the co-op on a confidential basis about their gross income, and their monthly housing charge rent is then calculated according to a formula. If the calculated charge is less than the market rent of the units, then the federal government, through another formula, would provide funding to those units to bring their unit revenue up to the market rate.

This produced mixed-income co-op housing, in which relatively well-off people lived side-by-side with relatively low-income people and worked with them on committees. This often had the ripple effect of improving the financial health of those less well-off. Depending on one's political point of view, such government payments for offsetting the housing charge could be considered a subsidy of the low-income members, or a contractual business arrangement between the government and the co-op, which helps to stabilize revenue to the co-op in exchange for accomplishing a social goal for the government for a specific period. This dichotomy is typical of the fact that a housing co-op is somewhere between a private business corporation and a social agency, and where one places it depends on one's viewpoint—and the collective viewpoint of each housing co-op.

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