How do Co-ops compare to Life Leases?
Bannerman Green is still in the early stages of formulating our by-laws, governance model and pricing structure. However, it is our intention to use The Old Grace Housing Co-op as an excellent example of how to structure our Co-op. Our friends at Old Grace have graciously agreed to allow us to link to their explanation of the difference between a co-operative model and a life-lease model. As you will see, there are a lot of similarities, as well as some key differences.
It should be noted that any specific dollar amounts you might see while visiting the Old Grace site are based on the size and number of units within their co-op. Bannerman Green’s pricing structure will need to be tailored to our specific cost factors, such as cost of land, construction and number and size of units.
With that in mind you are encouraged to have a look at Old Grace’s comparison chart found here.