What Co-op Living is Teaching me
I was called greedy by one of the co-op board members as I sat at the last co-op’s board meeting helping to present the finance committee’s recommended budget. Presenting the budget was hard because we had to introduce a raise in housing charges. I was called greedy as if I was pocketing the money and not simply reporting on the raise in operating expenses and the need for more revenue. That member soon apologized when they realized the silliness of the accusation but it sure demonstrated to me how quick we can be to point a finger to blame someone for something that is affecting them.
What co-op living is teaching me is that we are “the man”.
I gave up home ownership, (namely strata corporation) for co-op living in 2006 and I sold my tenanted condo on May 31st 2008 during a real estate peak and I wait with a pocket of cash for that proverbial expected downturn in the real estate market to pounce on a deal (or two). And I wait. And I wait. And now I worry but still I wait but I won’t go into that right now.
Often an active board member of any strata corporation I owned in, I did the same thing when moving here to Helen’s Court Co-op and looked to offer my time on committees to help run the place. The big difference here was the pull to be a part of it rather than being talked into it. I was asked to join but also drawn to a position on the board not from the feeling of ownership but from a feeling of community. For this reason most of the people sitting on the board of the co-op want to be there and as I am nearing the end of my 2 year stint, will be giving up the position to a new and willing person. The board is fresh and ever evolving.
Things to know about this co-op: We are required to only charge a maximum of 70% market rate. At the same time we must subsidize a certain percentage of the homes. The 1, 2 and 3 bedroom homes must be occupied appropriately. We can not make a profit and our only subsidization equals about 4% of our operating cost. It’s like the setting for a sims game.
Because we have a wider variety of people living here in our 44 homes than in any strata development or even a large subdivision spanning square kilometers, the co-op community really becomes a micro society. A bite sized piece of what our larger masses are around us. young and old. People with grown kids and people with new borns. People living hand to mouth with little to spare and some with so much money they have summer homes and real estate.
As a board member and finance committee member I have discovered that we are the man. We are responsible for our community and outcome.
Well said
Very interesting. I’ve been considering intentional co-housing for my future. Although some of the requirements different, I can appreciate how it forces you to raise your game in terms of community building.
@Gregarious There are 3 main types of co-ops.
We live in a co-op that offers subsidy and is similar to renting but we run the place and can not profit. There is another type similar to strata but you own a share in the building not the square feet you call your home. And the third is like what you are speaking of called co-housing co-operative. There must be a common, communal piece that brings the community together in co-housing. Both of those types of co-ops you purchase into.