Hillside Place is a community of 172 families of varied sizes, ages, and ethnic backgrounds.
Members came to be a part of this community for a variety of reasons. Some were searching for secure affordable housing; others wanted an alternative to renting; and many were hoping to join a family-oriented neighbourhood which would promote the growth of all it's members, young and old. Because we make decisions and carry them out, we are able to achieve many of these goals. Most of us have never known so many of our neighbours before or been so ready to help one another. The `cooperative spirit' is contagious. Members learn more as they serve on committees or lend a hand at co-op functions. Our housing costs are reasonable, predictable and fair so we have some control over this important side of life.
Hillside Place is incorporated as a continuing housing cooperative under Provincial Law. Each member purchases a share of the entire project but members do not own their individual units. The entire membership owns the project collectively and each member has an equal say in it's operation and maintenance. Assistance is provided under the CMHC Social Housing Program and is designed so that occupants will have a range of incomes, with a number of units allocated to low income families. Monthly charges are generally below those for similar rental accommodation in the area. CMHC assistance is based on provisions of the National Housing Act and includes loan insurance on the mortgage as well as financial assistance to subsidize the mortgage payment from the going rate of interest down to 2 percent. This helps reduce the monthly charges for all members. The bills at Hillside Place must be paid out of the members' monthly charges combined with the CMHC subsidy. Hillside Place must also submit an annual report which includes audited financial statements along with reports on other aspects of project management.
Note: There is a change to the Orientation Schedule! Please see new information here.