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Affordable & income tested (if necessary) . . .
There is a monthly housing charge for each Riverdale unit determined by the finance committee and approved at a co-op general meeting. If members think they may qualify for subsidy, they may submit their total annual income (based on all members in a unit) and, if they qualify, may be given a subsidy.
In this way, the co-op can help subsidize members who are experiencing financial hardship. However it should be noted that there are times when, due to budgeting issues, the co-op may only accept new members capable of paying the regular housing charge.
Monthly housing charges are affordable and very attractive – given the current high price of housing in Edmonton. We have two 2-bedroom units, twenty 3-bedroom units, and four 4-bedroom units which may come available over the course of the year.
There is a $1,000 member loan required, and can be paid in installments if necessary. This loan essentially gives you a "share" in the coop, and is used in the same way as a damage deposit.
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