SO, WHAT EXACTLY IS CO-OPERATIVE HOUSING...
Co-operative housing is a fully functioning not-for-profit business. It is listed on the Fair-Trading NSW website and also on the ACNC register (Australian Charities and Not-for-profit Commission) and therefore must follow strict guidelines and meet all legal and financial obligations set out by the CNL (Co-operatives National Law). It is an alternative
to private or government renting. It gives the tenants living in the properties greater control over their housing and how it is maintained, making them both tenants and landlords of the properties in which they reside. This means that the tenants, called “members”, must take an active role in the everyday running of the Co-Operative or as it is commonly referred to, the Co-Op. It works in the same way a normal rental does, where members sign a Residential Tenancy Agreement (lease), are bound by the agreement, pay a bond, have an obligation to pay their rent on time and to keep their property clean, tidy and well maintained. HOWEVER, the difference between a normal rental and a Co-Op rental is that the rent money that is paid by the members, is paid into the Co-Op bank account, which is then used for the maintenance and upkeep of all properties within the Co-Op. This gives the tenants much greater control over their own homes and is -
Why the CO-OPERATION of all members is VITAL? Why tenants must pay their rent ON TIME – ALL THE TIME, and
Why it is ESSENTIAL for tenants to TAKE AN ACTIVE ROLE in the everyday running of the Co-Op. Also, when a vacancy arises, tenants get to choose who they wish to become a tenant of the Co-op. A committee advertises, interviews and recommends to the members potential suitable applicants. All members of the Co-Op then get to meet and ask questions of the prospective tenants at a “Meet & Greet” evening, after which discussion takes place between members and a vote is taken on the best applicant for the Co-Op. OK, SO WHAT IS MEANT BY “TAKE AN ACTIVE ROLE”...
All members make up the General Committee and must attend 75% of meetings annually, including the Annual General Meeting (AGM). The Co-op has a Board of Directors to which fellow tenants are nominated and elected by the tenant members. BOARD positions are as follows and comprise up to 6 tenant members:-
PRESIDENT/DIRECTOR
SECRETARY/DIRECTOR
TREASURER/DIRECTOR
MAINTENANCE CO-ORDINATOR/DIRECTOR
2 OTHER ELECTED TENANTS BECOME BOARD MEMBERS/DIRECTORS
Also elected at the AGM, but not on the Board, is the Co-Op Tenant Selection Committee
All these “everyday things”, from the President’s role to the Tenant Selection Committee’s role, are done by members on a VOLUNTARY basis. There is no remuneration paid to members on the board or the committees, SO, WHY WOULD YOU DO IT....
• It is the comfort of knowing that you can live in your home for as long as you wish, until you make the decision that it’s time to move on, not when a Landlord decides it’s time for you to go find somewhere else to live.
• It is the comfort of knowing your neighbours, a feeling of belonging.
• It is the feeling of turning your house into a home and taking pride in it, knowing that if any maintenance issues arise, they are always dealt with promptly and professionally.
• It is the comfort of knowing YOU ARE THE LANDLORD AND THE TENANT. The Albury Co-Operative currently has 19 properties, which are in Springdale Heights, East Lavington and North Albury, ranging from 3- and 4-bedroom homes to 1- and 2- bedroom units. The Co-Op was established and took in its first tenants/members in 1994.
3 of the Albury Co-Operative founding members are, still today, living in the homes they saw built for their families over 25 years ago. Will you benefit the Co-Op so that in turn the Co-Op benefits you?
