Since Co-ops can operate in virtually any industry it is important to know what makes student housing co-ops unique from the rest of the field. Here are a few key areas that distinguish student housing co-ops.
Owned by members
The residents of a housing co-op are also members of the co-op corporation which owns the whole property. The co-op provides a unit (townhouse or apartment) to a member. Members do not own their own units.
Managed by members
All members have an equal say in how major decisions are made, which follows the motto “one member, one vote.” Members come together at meetings to elect a Board of Directors, to approve the annual budget and approve by-laws. Each director is also a member and lives in the co-op. Other members can work on committees or can perform various tasks to help with the work involved in running the co-op. A co-op also employs staff in the co-op's office who look after the day-to-day business of the co-op
Involvement by members
The key difference between co-ops and other kinds of non-profit housing is that co-op members are actively involved in running their housing community. Each co-op member must volunteer time to serve on the Board or on a committee, or volunteer for some other co-op task. Members do not need special skills to get involved. They learn from one another and in special training sessions. Members get to know each other through their working together in the co-op, which creates a sense of community.
Credit: Central Ontario Co-operative Housing Federation Website
