How long do I have to wait for a unit? Unfortunately, there is no way to determine when a unit would become available. Your submitted application will be kept on a waitlist, but tenancy is not on a first come first serve basis.
Will I be eligible for a unit after I submit an application? No, there is an interview process and only selected applicants will be considered for those interviews. Tenancy is NOT guaranteed.
How long does my application stay on file? Every 6 months, you can send an email stating you are still interested in becoming a member for an upcoming unit, should one become available. Those who aren’t, their application is discarded.
Is a housing charge subsidy available? No, housing charge subsidy is not available at this time.
Is the co op considered low income housing? No, we are not low income housing. We are a housing co operative. Yes, the housing charge is affordable. There is a minimum income requirement and we consider employment, other income & references.
Can I drop off an application in person? At this time, applications are only accepted through email or Canada Post submission only. You can download and print the pdf version of our application from our website, located under the contacts tab. Or submit through mail to:
Ida Vista Co Op Housing PO Box 10003 RPO Piccadilly Plaz. Salmon Arm, BC V1E 3B9
What hapens after I email my application? Upon receiving your emailed application, it is then forwarded to the membership committee for review. You will receive an email confirmation that it was received and submitted.
I sent in an application more than a year ago, how come I have not been contacted? Even though your application is on the waitlist, only selected applicants will be considered for a follow up interview. Tenancy is not guaranteed.
Who lives in co-ops? Non-profit housing co-ops are mixed communities. Members of housing co-ops come from a variety of backgrounds and have a wide range of incomes. Some members pay a full housing charge. This is often called a “market” housing charge. Other members with lower incomes pay less. This is called a subsidized housing charge. Some units in most every non-profit co-op are subsidized.
What is subsidy? Most non-profit housing co-ops receive money from the government (federal or provincial) to help house some low-income members. The housing charge for these units is adjusted to the household’s income. This is often referred to as “rent-geared-to-income” or “RGI” or a subsidized housing charge. The subsidy makes up the difference between what the member pays and the co-op’s normal housing charge. The amount of subsidy availability is limited. When a co-op’s operating agreement with government ends, the subsidy will also end. Co-ops have to start planning for that future.
Is there a maximum income ceiling to qualify for a co-op? The dollar amount of the income ceiling varies. Other co-ops, as far as we know, do not have income ceilings.
What is a share purchase? A share purchase is the share you buy to become a member of a co-op. Usually, one member per unit in a co-op buys a share in the co-op as they are accepted for membership. Each share gives a member a vote in general meetings. Shares range from $1,000 to $7,000 (a typical share purchase is around $2,000). A share is a little bit like a damage deposit in that you get the money back when you leave the co-op (unless the unit has been damaged in which case the share is used to cover repair costs). However, co-ops do not return share purchases with interest. Please note that in most co-ops, two months’ notice is required prior to moving out. Shares also stand as the co-op’s working capital.
