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What do members have to do?
Members are required to:
a. pay their housing charges on time
b. attend the general membership meetings usually 4-5 times per year
c. abide by the bylaws, policies, and procedures of the co-op
d. purchase a share in the co-op
Housing charges are similar to monthly rent charges. These charges help to cover the mortgage, taxes, sewer and water. The co-op is a non-profit and housing is supplied at cost.
Additional costs include an application fee when you apply for membership. Upon acceptance of membership, a share must be purchased but it is refunded to you when you move out minus any amounts owing the co-op within 60 days of your move out date. The share cots $1600.00, giving each adult member a vote at Rainbow Housing general meetings. The Share Capital works just like a damage deposit. The $1600 is refunded after move-out, minus any carpet cleaning costs and/or damages to the unit.
Once you are offered a unit, you will have 10 days to pay the Share Capital to hold the unit. You can either pay in full at this time, or pay $800 and make arrangements to pay $73 per month for the remaining months (final payment on the 11th month is $70). If you change your mind after this point, the $800 is non-refundable.
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 in 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 amount is used to help offset the operating costs of the co-op. The co-op cannot pay interest on the share as governed by The Cooperative Act. But as a member you benefit all the time from the interest because it helps offset the operating cost and helps keep housing charges down.
There is a nominal charge for a second parking stall, if available. Also, there is a small monthly fee to pay our dues in CHF Canada.
You do not have to sign a lease 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 charges on time.