What are the units like?
The Co-op has nine different sizes of units including one and two bedroom garden apartments, each with its own private entrance, one and two bedroom apartments, as well as two and three bedroom bungalows, which have been designed and built for wheelchair accessibility, and two, three and four bedroom townhouses. The Co-op also has two different floor plans for each of the two, three and four bedroom townhouses.
All units feature European cabinets and General Electric refrigerators and ranges. The townhouses have decks and fenced yards while the apartments have decks or patios.
The four bedroom townhouses have an extra half bath on the main floor. The townhouse basements and all accessible units all have laundry hookups available.
There is on site parking. Members can apply for an extra parking stall.
The Co-op has a community center on site, which houses a large meeting room, kitchen, office and Laundromat. The Co-op Laundromat is open only to Rainbow members and is run on a non-profit basis. All members have 24-hour access to the laundry facilities.
During the designing of the Co-op, the members included three playgrounds and an abundance of green space to increase the attractiveness of the co-op.
Why do people choose the Co-op Alternative?
Housing is provided at cost so that financially it is usually more attractive. Since the Co-op is jointly owned and managed, members have an opportunity to control costs by helping around the co-op.
Each member has direct and equal control of the co-operative. Members attend general membership meetings to elect and give direction to the Directors who are also resident members of the Co-operative. Members can serve on the Board or on one of the working committees and become directly involved in setting and reviewing policies. Some committees are set up to address the social needs of the children and of the members. It’s not all just work! Members enjoy having fun too!
There is a higher degree of “security of tenure” than in a rental situation. As long as you abide by the rules and pay your charges, you have a right to live in your unit.
As the members are working together to supply themselves with quality affordable housing, there is an opportunity to build an active, friendly, secure community.
WHAT MAKES A CO-OP DIFFERENT THAN A RENTAL SITUATION?
There is no landlord . . . members jointly own and manage the Co-op. By doing this the members are offered a higher level of security of tenure in a co-op . . . it’s more difficult to make you move. It gives members a chance to affect the costs of the operation, which, in turn, impacts their housing costs. Members have a say in the maintenance of the Co-op and in setting the policies and bylaws.
As a member, you must give 60 days notice that you intend to move out.
WHAT DO MEMBERS HAVE TO DO?
Members are required to:
a. pay their housing charges on time
b. contribute 3 hours of volunteer time per month
c. attend the general membership meetings usually 4-5 per year.
d. abide by the bylaws, policies, and procedures of the Co-op.
e. purchase a share in the Co-op.
WHAT ARE HOUSING CHARGES?
Housing charges are similar to monthly rent charges. These charges help to cover the operating expenses of the Co-op including the mortgage, taxes, sewer and water. The Co-op is non-profit and housing is supplied at cost.
WHAT ARE THE ADDITIONAL COSTS?
When you apply for membership, there is an application fee. Upon acceptance of membership, a share must be purchased but it is refunded to you when you move out minus any amounts owing to the Co-op within 60 days of your move out date. There is a nominal charge for a second parking stall, if available. Also, there is a small monthly fee to pay for our dues in CHF Canada.
HOW MUCH DOES THE SHARE COST?
A share costs $800.00. To secure a unit, you will be required to pay a $250.00 non-refundable deposit, which will become part of your share payment once you have moved in and signed the occupancy agreement. You may pay off the remaining portion of your share either immediately or $50 per month for eleven months.
DO I LOSE MY DEPOSIT IF I DONOT MOVE IN?
Yes, once you have paid the $250.00 deposit, the Co-op stops marketing the unit and if you do not move in, the Co-op loses money.
WHAT DOES THE CO-OP USE THE SHARE FOR?
The share indicates your commitment to the Co-op.
The Co-op can claim part or the entire share if you damage Co-op property or do not pay the amounts you owe to the Co-op. Because the Co-op is non-profit, at times there may be a temporary cash flow situation and the Board of Directors may borrow a portion of the share amount. Interest on the share account is used to help offset the operating costs of the Co-op.
DOES THE CO-OP PAY INTEREST ON THE SHARE?
No . . . the Co-op is governed by The Cooperatives Act and cannot pay interest on the share. . But you benefit all the time from interest earned on the share because it helps to offset the operating costs of the Co-op and helps keep you housing charges down.
DO I GAIN PERSONAL EQUITY IN THE CO-OP?
No . . . when you move out of the co-op you get your original share amount back minus any charges, if any.
DO I HAVE TO SIGN A LEASE?
No, but you will be required to sign an occupancy agreement. There is no termination date, you simply agree to give 60 days notice, to abide by the rules and pay your charges on time.
WHAT CAN I DO FOR MY 3 HOURS OF VOLUNTEER TIME PER MONTH?
You may serve on one of the various committees, run for the Board of Directors or be a helper in the office, in grounds keeping or on special projects. Or, you may choose a variety of activities and times.
WHAT DOES THE STAFF DO?
There are two staff members to help the Co-op operate more smoothly. The Maintenance Manager assists in the maintenance areas while the Office Coordinator keeps the financial records up to date, assists with marketing, acts as a coordinator of activities and is available to assist the Board, Committees and Members.
WHO DOES THE MAINTENANCE?
Members are responsible for grass cutting in their own yard, and snow removal of their own walks. The Maintenance Committee organizes volunteers to look after the common areas. Occasionally, additional help may be hired. Members are required to maintain their own units and report any repairs required to the Co-op staff that they are unable to do. Members unable to do the maintenance will be helped by the Co-op. The Co-op supplies some equipment required for maintenance.
WHO PAYS FOR SERVICE CALLS?
In 99% of all service calls, the work to be done is paid for by the Co-op. If the damage is intentional or due to neglect, the member will be required to pay for repairs.
WHAT HAPPENS IF THE FURNACE NEEDS TO BE REPLACED?
The Co-op sets aside monies for capital replacements and the Members establish carpet replacement schedules, repainting schedules, etc, which are paid for out of the regular housing charge.
WHAT DO I DO WHEN I MOVE OUT?
You need to give 60 days notice for move out. You are required to return the unit to its original state, all surfaces need to be cleaned and carpets must be professionally cleaned at your expense. The Co-op has negotiated a discount for members with a company. It costs approximately $125 for no problem cleaning of a three-bedroom townhouse.
ARE PETS ALLOWED?
Yes, you are allowed to have up to 2 pets per unit but you must first apply to the Pet Committee, as there are regulations in regards to sizes of dogs and types of pets allowed.
IS THERE FINANCIAL HELP FOR LOW INCOME HOUSEHOLDS?
Yes, there is some assistance available but there is often a waiting list for it. Please check with the office to determine current conditions.
The Co-op is a great place for children, with 3 well-equipped playgrounds.
Members jointly own and operate their Co-op. Members have direct and equal control of their housing conditions. Members exercise their right of control by getting involved at the Committee and Board levels, and by attending the General Membership meetings.
Members can help to keep the cost of their housing down and the quality high.
Members have a chance to build a strong, friendly, secure community.