What is the difference between a housing co-op and a rental unit?
In a housing co-op, you are a member of the non-profit corporation, not a tenant. This means that you have security of tenure and a say in how your community is run. Housing Co-op’s are based on the 7 International Co-operative Principles which support and value community. As a tenant in a rental, you do not have these benefits.
The seven International Co-operative Principles are:
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training, and information
- Co-operation among Co-operatives
- Concern for community
What is Security of Tenure?
Security of tenure means that for as long as you pay your monthly housing charges on time and observe the terms of your housing agreement and by-laws, you can stay in the unit.
Where can I find more information about Co-operative Housing?