Membership

  1. Upon the approval of the Cooperative board of Directors, a person can become a member of Qurtuba Housing Co-op by:
    • Submitting the Qurtuba application Form
    • Paying $75.00 Membership Fee
    • Acquiring a minimum of 20 shares of a fixed value of $100 each that means, a minimum investment of $2000;
    • If you have RSP account and want to use it to buy home, you must transfer it to "Al-Amin" organisation
  2. Homebuyer member shall buy some shares in each calendar year in order to keep his membership active.
  3. Type "B" Shares can be sold or transferred any time to any active member of the Housing Cooperative pending prior approval of the Cooperative board of Directors

Dividends

All members will be elligible for getting dividends or a rebate on their shares as long as they are not taking benefit of a housing unit. Members can choose to invest the dividend by buying new shares or to withdraw these dividends.

Eligibility for housing allocation

Member must have shares equivalent to 20% of the first $100,000 of the house price and 30% of the difference between $100,000 and the actual price of the house up to $200,000. For more information about the rent calculation, here's the link.

When necessary funds are available, notice will be sent to the member with the highest priority to choose a suitable housing unit. If the member is not ready to buy a house within a reasonable lead time, the priority will be given to the next member in the priority list.

The board of director will review the member application for the house, upon approval, the cooperative will buy the house for the benefit of the member. The member will occupy the house that will remain the property of the cooperative until final transfer to the member.

Occupancy, maintenance & occupancy charges

Once the cooperative has purchased the housing unit for the benefit of the member, the member will surrender all type B shares to the cooperative and the cooperative will issue type A shares of equal value to the member. Type A shares are not eligible for dividends.

An occupancy agreement will be drawn between the coop and the member.

The housing coop will establish the "Monthly Rental Value" (MRV) of the housing unit on the basis of rental/lease rate of a similar house in similar area. All taxes and expenses for the property will be deducted from this rent and the balance will be split between the member and the Coop according to the member's shares of the total investment.

Disposition

If a member after occupying the house unit will have to vacate it, the member will have to inform the Coop at least 90 days before such move. The housing unit will be evaluated by the Coop and made available to eligible members.

If no member is interested in that housing unit, or if no member can take over the housing unit within the stipulated time, the occupant member will be given the permission to arrange a sale of the housing unit to non-members.

If the member owns shares valued at 50% or more of the housing unit cost, he will be entitled to 90% of any given gain or loss in the value at time of sale. If member's shares value is less than 50%, the member will still be entitled to 80% of any gain or loss in value at time of sale.

Money withdraw

A member can redeem his type "B" shares anytime by giving one month notice for the first $10,000 and additional month notice for each block of $10,000. The maximum notice required is 18 months.