WHAT IS A CO-OP AND HOW DOES IT RUN?
Its members run Still Creek Housing Co-op. There are no landlords. The members elect a Board of Directors, define and approve policy. The Board of Directors takes direction from the membership and help to oversee the running of the Co-op. Committees comprised of member volunteers handle numerous other aspects of Co-op living such as maintenance, gardening, membership issues, social functions and finances. There is a general membership meeting for all members approximately every 6 weeks.
A housing Co-op is a corporation owned equally by each member. As a Co-op member you do not directly own your own unit. Instead, you have shares in a corporation which owns the property.
WHO MAKES UP THE STILL CREEK COMMUNITY?
Still Creek is mixed income Housing Co-operative. The people who live in Still Creek Co-op represent a broad cross-section of cultural, ethnic and income groups. There are many families and many people with and without children. Members range in age from infant to retirees. Several suites are specially designed for access, which means that people with disabilities also make up the Still Creek membership.
Participation is mandatory in helping run and maintain the co-op. This keep our housing charges more affordable.
All members of Still Creek are required to attend General Membership meetings every six weeks and are required to participate on one committee or take on a role to help operate and care for the co-op. There is an elected Board of Director, several committees and many other different roles to choose from. This will involve about four hours per month. This level of membership involvement benefits everyone because operating costs are reduced.
This is also a great way to get to know your neighbours and be a part of this active community.
WHAT DOES IT COST?
Members’ housing charges together cover the cost of the mortgage repayment, taxes, maintenance and management and replacement reserves. Members pay their own hydro (electricity and heat) and optional cable. There is no landlord profiting off those living in the co-op.
Still Creek is an Index-Linked Mortgage Co-op. This means that our housing charges or monthly payments are considered “market rent”. The Co-op has a limited number of housing subsidies. The number and amount of subsidies is dictated by CMHC and BCHMC. The Co-op maintains both internal and external waiting lists of subsidy applications.
To become a member of Still Creek you must purchase a share at a cost of $2,100.00. Your share is returned to you without interest when you leave the Co-op.
There is an extra surcharge payment of $24.00 / year / unit that is mandatory and is paid into the Co-operative Housing Stabilization Fund.
Rates for March 1, 2017 – Feb. 28, 2018
QTY TYPES SQ FT MONTHLY HOUSING CHARGE MIN INCOME ANNUALLY MIN INCOME MONTHLY
3 1 BDR Handicapped Apt. 750 $ 1,027 $ 41,200 $ 3,433
12 1 BDR Apartment 750 $ 1,027 $ 41,200 $ 3,433
2 2 BDR Handicapped Apt. 1000 $ 1,230 $ 49,300 $ 4,108
18 2 BDR Apartment 900-980 $ 1,230 $ 49,300 $ 4,108
18 3 BDR Stacked Apartment 1180-1250 $ 1,421 $ 57,000 $ 4,733
8 3 BDR Townhouse 1250 $ 1,539 $ 61,600 $ 5,133
4 4 BDR Townhouse 1345 $ 1,615 $ 64,700 $ 5,391
VERIFICATION OF INCOME IS REQUIRED AT TIME OF INTERVIEW
If this sounds like a good fit for you, we look forward to receiving your application
Still Creek Housing Co-op Application
Note: Waiting list is currently full.
As we focus on finding good, active participating members, we have very little turnover.
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