Dear Applicant:
Please read the following carefully. Co-op housing is different than renting or owning a condo.
What are members’ obligations in a housing co-op?
As a member, you are expected to participate in the following ways:
- Pay your monthly housing charges (rent) in full on or before the first day of every month.
- Pay your member loan as a security deposit (last month’s housing charge). Your member loan is an interest free loan, as this is a non-profit co-operative, and will be returned to you after you leave the co-op, providing you leave your unit clean and in good repair.
- Attend general membership meetings.
- Participate in a committee or task of your choice or according to the co-op needs (about 3 to 5 hours a month on average).
- You are required to obtain and maintain contents insurance on your unit.
Will I ever own my own unit? Can I rent it out?
Members will never own their unit. The co-op owns the unit. You cannot sell or rent your unit, including through AirBnB or any other short-term rental tools or applications. Members have the right to stay in their unit as long as they abide by the Housing Occupancy Agreement.
What happens if l leave the co-op?
Members must give the co-op 60 days’ written notice that they are giving up occupancy in the Co-op. The 60 days’ notice must end on the last day of the month, as per the Heath Street Housing Co-operative Occupancy By-Law.