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All in This Together at Abiwin Co-operative
As the pandemic moved into high gear in Canada, businesses were closing and employees were sent home; a new normal was taking hold. It quickly became clear to the staff and members of the Abiwin Co-operative that they should support each other during this difficult time.
Abiwin is home to members
12 Tips to Keep Your Units Full
Best Practices for Capital Spending
Capital spending refers to investments in major repairs and replacements. Typically, a capital expenditure is an expense of $2,000 or more for a building or landscaping project. It does not include maintenance-related repairs or replacements or any items that are normally described as operating
Fill Your Units
You can never get back the money you lose when a unit stands empty. Whenever a member gives notice, it’s important to get the word out, which is usually the responsibility of the manager. As soon as a prospect gets in touch, your co-op needs to follow up promptly. Otherwise, they will go elsewhere.
Get Paid
Your co-operative is in the housing business, not the lending business. It has bills to pay and a building to keep up. You should keep this in mind when members don’t pay on time.
If a household doesn’t pay what it owes and moves out, the co-operative is left with a bad debt, which will have to be
Plan for the Future
Good planning is the secret behind a building that doesn’t look its age. Without a plan, your co-op can’t know how much you’ll need to save for major repairs. Until you know this, you don’t know what your housing charges should be.
Your plan begins with a recent building condition assessment that
Your Environmental Sustainability Policy
Co-ops that care about climate change and want to shrink their environmental footprint should consider approving their own Environmental Sustainability Policy. A model is available from the Co‑operative Housing Federation of Canada. It was written so that you can easily remove any points that don’t
Q&A on Undertaking Capital Projects
Update for Post-1991 ILM Co-ops in BC and Alberta
We are happy to share the news that CMHC has changed its position on surcharges for post-1991 ILM Co-ops in British Columbia and Alberta.
CMHC previously decided that co-ops in the program must continue to collect a surcharge if they have an operating agreement, even though their ILM mortgage has
Tip of the Month
Plans in Action
The average co-op with an approved capital replacement plan tucks away more than $3,600 per unit in reserves each year--triple the 2007 amount. Does their future hold better windows? New kitchens? Savings mean more choices.