MATHESON HEIGHTS HOUSING CO-OPERATIVE
UNIT AND SHARE PURCHASE INFORMATION
OUR LOCATION:
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Matheson Heights Housing Co-operative is located in the Champlain Heights area in South Vancouver. The co-op is close to schools and recreation centres, and is situated in an area that has been carefully planned to include natural landscape and parks, in addition to housing.
Matheson Heights was completed in December 1981. The co-op consists of 40 apartments and 80 townhouses:
Units are allocated according to family size: no more than 2 persons or less than 1 person per bedroom.
Townhouses have two levels plus an unfinished basement; apartments are on a single level, either on the ground floor or 2nd floor. Laundry facilities are available for the apartments, while the townhouses include washer/dryer hook-ups.
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Co-op members do not pay rent: they pay a housing charge, which covers all the co-op's operating expenses. Each Member is responsible for his or her own utilities and household insurance. Members are required to maintain liability insurance for their units.
Maximums (or regular occupancy charges) are set each year by the membership, who approve the annual budget, which estimates expenses and sets housing charges for the coming year.
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Housing charges are based on a percentage of gross household income, up to a maximum that increases each year to cover increased operating costs. Members who do not pay the maximum are subsidzed by the Canada Mortgage & Housing Corporation, who administer the co-op program for the Federal Government. The co-op must verify the incomes of members who receive subsidy at least once a year.
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Share purchase in the co-op is based on unit size, and must be paid in full prior to move-in. Share purchase values do not increase over time; they remain the same in order to ensure affordable housing is available to new members.
Only one adult resident is eligible to become the principal member and own the shares for the unit. Additional adult residents may become members by purchasing one share for $10.00, which gives them the same voting rights and privileges as the principal member. Only residents are eligible to become members.
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The co-op is administered by a Board of Directors, elected by the Members at an Annual General Meeting (in April of each year). The Board is assisted in its job by committees formed from Members, and by management and maintenance personnel hired or contracted out.
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Members are expected to serve on committees or the Board, or to participate in other areas. Member participation keeps costs down and ensures that Members are in control of their own living conditions. |
Share purchase amounts:
| Unit | Share |
| 1 bdrm apartment | $1,300 |
| 2 bdrm apartment | $1,600 |
| 2 bdrm townhome | $2,000 |
| 3 bdrm townhome | $2,300 |
| 4 bdrm townhome | $2,600 |
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Housing charges are calculated at a percentage (usually around 25%) of your gross monthly income up to a maximum rate as listed above. This rate is set each year by a majority vote of the Members.
