How a Co-Op works

A housing co-op is a non-profit organization incorporated under the Cooperative Association Act that provides housing to its members. Members purchase shares to join and elect directors to govern the co-op. Co-op members do not have a landlord and monthly rent is called "housing charges". Co-ops are inspired and guided by the seven international co-op principles in everything they do.

Co-op members are not landlords or tenants. As co-operative owners, members work together to govern their association and manage their homes to foster strong communities. 


Members elect a board of directors from among themselves to govern the co-op’s operations. Most co-ops also contract with managers to handle the daily operations and maintenance of their homes.



Members of non-profit housing co-ops come from a variety of backgrounds and have a range of incomes making co-ops "mixed-income communities." Some members pay a full housing charge. Other members with lower incomes may pay less with a rental subsidy for those with an existing agreement with government. 


Non-profit housing co-ops that receive support from the government (federal or provincial) to help house some lower-income members call that support a subsidy. Housing charges for subsidized units are adjusted to fit with household income. Subsidy makes up the difference between what the member pays and the co-op’s market rate housing charge. However, unfortunately the amount of subsidy is limited and just because someone is eligible does not mean the co-op will have the subsidy to help.

Board of Directors

The board is elected by and accountable to the co-op’s members. Directors are volunteers who have a legal obligation to act honestly, in good faith, and in the best interests of the co-op. The Board of Directors shall be comprised of five (5) Officers and four (4) Directors.


President

Vice President Membership

Vice President Maintenance

Treasurer

Secretary

Director

Director

Director

Director

Committees

At Artspace there are a variety of Committees to suite your ability and desire to be a part of your community. Social Committee ensures everyone comes together by planning events for members. Decorating Committee gets together a group of members interested in keeping the space looking great. Other committees come availble at different times of the year. Below is some information about the executive committees: 

Membership Committee

Attracting and interviewing prospective members, and welcoming new members. VP Membership is the liaison for this committee.

Maintenance Committee

Manages and maintains Co-op property, review major service contracts, and recommends maintenance priorities. VP Maintenance is the liaison for this committee. 

Finance Committee

Oversees the Co-op’s budgets and spending, review monthly income and expense reports, and present financial information to the members. Treasurer is the liaison for this committee.