What is Co Op Cooperative Housing in Toronto?
During the 1970s, a small organization was formed to encourage the growth of cooperative housing. You may be wondering, ‘what is cooperative housing?’.
Cooperative housing, also known as co-op, provides its members with non-profit housing. This method of renting is understood to be more affordable, as co-ops merely charge enough to cover upkeeps, costs and reserves. Some members will get a boost with their rent from the government based on their salary, while other households will pay their full monthly rent. This diversity is a main reason for their success.
However, while cooperative housing is affordable, it comes with its own territory. If you aren’t the type of tenant to interact with your neighbors and contribute to house meetings, it’s probably not the right choice for you. Also, if a member or family had to move out of the house, the house will then be returned to the co-op, as members do not own equity.
Who can Apply for Subsidized Housing in Toronto?
There are some conditions when it comes to applying for a co-op. Unfortunately, while it’s an affordable option, not everyone is entitled to this particular choice. There are some conditions you need to meet to be considered or get accepted into cooperative housing:
- Members applying should not owe any money to a previous social housing provider in the province.
- Members have to either be Canadian citizens, have a permanent resident status or have made a claim for refugee protection.
- Members may not have any past convictions with rental fraud.
- A removal order has never been imposed on any member.
- At least one member of a household should be 16 or older.
How to Get Subsidized Housing in Toronto?
If you’re living in Toronto and are in need of a subsidy, contact Toronto Social Housing Connections. (https://www.housingconnections.ca/Contact/Contact.asp)
Keep in mind, even if you do meet the criteria for cooperative housing, you are not guaranteed a unit right away. The co-op runs on a first come, first served basis, and you must always expect the possibility that your name will end up in the waiting list.