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Co op housing

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Co op housing

Postby DawnB on Sat Oct 17, 2015 4:45 pm

Does anyone know anything about the process of being chosen for co op housing. We are trying to get into one and our credit is poor. Will they talk to us or just rule us out before we can explain what caused it. How does it work? Also does anyone know about Marigold or Pioneer housing co ops. They look great but would love to hear from someone who lives there.
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Re: Co op housing

Postby TazDevil on Sat Oct 17, 2015 8:12 pm

Every Co-op is different. I did volunteer financial work for one where my friend ran the board so I have a little idea of how it is done. Basically in their case it was based on interviews and the housing committee chose who to interview based on applications. Some have minimum income because they can only get so many subsidies. Some have no mortgage so can't accept any subsidies. Just put in as many applications as possible and be as honest as you can. Don't forget they may only keep the apps. 6 months too. There is also city housing too which is quite nice. It is the non-subsidy ones with minimum income too.
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Re: Co op housing

Postby DawnB on Mon Oct 19, 2015 5:36 pm

Thank you so much for your reply. It definitely helps. We really want to get in and if they talk to us first I am sure we will have a good chance.
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Re: Co op housing

Postby DawnB on Mon Oct 19, 2015 5:42 pm

Any idea if the city housing has a maximum income. I make good money (not brilliant, but enough) so I usually am just over Max income ceilings. That's why I want a market unit. I really want the community that comes with a co op not just low costs. I have a daughter and thought a co op would have lots of kids and people who actually talk to each other. I live in a condo and people just don't respond to friendliness; they just nod their heads, smile and walk on.
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Re: Co op housing

Postby MEB on Thu Oct 22, 2015 5:43 pm

CRD Housing has subsidy and non-subsidized (market value) units available. Check out the CRD website. For a market housing I don't believe there is a maximum. Lots of kids in the complex.
Right now there is a 2 bedroom advertised at Firgrove in Esquimalt - lots of kids there and very quiet complex.
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Re: Co op housing

Postby five-seven-five on Thu Oct 22, 2015 8:23 pm

CRD market (not subsidized) housing has a maximum family income limit of $65,000 per year.

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Re: Co op housing

Postby DawnB on Sat Oct 24, 2015 5:01 pm

Just wanted to thank everyone who replied. I applied for Firgrove. It looks like someone else got there first but I will hear for sure on Monday. Will keep trying. The info you gave me really helped.
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Re: Co op housing

Postby Jinxx on Tue Oct 27, 2015 8:49 am

I lived in a co-op for 7 years.

They do a credit check. Subsidized units are hard to get and sometimes they save or spot for a family in market share that may undergo a hardship. Most are market share these days. Prices vary depending on the part of town and also need a buy in amount. 2500 dollars down or more (depending on the coop) Message me if you have more questions.

Good luck
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