Q: What is a housing co-op?
A: Housing cooperatives proved not-for-profit housing for their members -the people who live there. Living in a housing co-op is much like renting with a few important differences. If you live in a housing co-op you are:
- A voting member who contributes to the governance and democratic process of the co-op
- Part of a community where neighbours look out for one another
- Living in an apartment that will remain affordable because it's run on a non-profit basis.
Housing co-op members are part owners of the co-op, however they do not own equity in the buildings. If they move, their home is returned to the co-op, to be offered to another individual or family.
There is one large co-op in Saint John, called Unified Saint John Housing Co-op (USJ). USJ has 280 units scattered in different communities across the city.
Q: Who can live in a housing co-op?
A: Anyone, housing co-ops are mixed income communities.
Q: What is the difference between market "housing charge" or "rent" and subsidized "housing charge" or "rent"?
A: Some co-op member households pay a reduced monthly housing charge (rent) that is geared to their income, this is usually 30% of gross monthly income. The difference is covered by either government funds or operating income between this payment and the co-op's full housing charge. This is known as subsidy. Other households pay the full monthly charge based on cost, which is called market housing charge (rent).
Q: How do I apply for a subsidized apartment?
A: In order to be considered for a subsidized apartment you must be registered with New Brunswick Housing, simply call 1-866-441-4340. If you are referred by NB Housing for a vacant subsidized apartment, staff will contact you and ask you to fill out an application for the regular screening process.
Q: Do you have regularly priced apartments?
A: Yes, the majority of the apartments and townhouses are regularly priced (market), while about 30% are subsidized. Because the co-op charges their members only enough to cover costs, repairs , and reserves for future maintenance, they can offer housing prices that are much more affordable the the average private sector rental costs.
Q: How do I apply for a market rent apartment?
A: Simply apply online (there is a link on this website) or call our office at 506-632-9393.
Q: How do I know if I would require subsidy or if I could rent a market unit?
A: The easiest way to tell if you would be eligible for subsidy is to figure out whether you would be paying more that 30% of your gross income if you were paying the market price for an apartment. Gross income is clearly indicated on your pay cheque stub or pay summary. It is your income before taxes, CPP, EI premiums or any other deductions are taken out.
If you multiply your gross income (make sure you include the income of everyone in the household) by 30% and it is less than the market price (heated) of the rent or housing charge on an apartment you may be eligible for a subsidized housing and you should contact NB Housing. (Note: Child Tax Credit is not considered income)