What is a monthly housing charge?

A monthly housing charge is like rent. It’s what the members pay each month to live in the co-op.

Housing charges are usually set to the amount the co-op needs to break even, after paying all its operating expenses and setting money aside for long-term capital repairs. In most co-ops members approve changes to the housing charges by passing an ordinary resolution at a general meeting.

Although co-ops created with government funding programs were often able to provide adjusted housing charges or subsidies for lower income members, with the end of co-ops’ original mortgages, those agreements have also come to an end. However, because of lobbying efforts, some co-ops now have the option to get extensions of subsidies and governments are speaking optimistically about continued opportunities after 2020.

See more in What is subsidy?