Drumlin Co-op currently has the following upcoming
Before you move into the Co-operative, you will have to
pay your first month's housing charge (rent), a membership fee of $15.00
(all applicants 18 or older must pay this fee), plus a "Member Loan"
The Member Loan is currently equal to the monthly market rent amount for each unit. An initial
payment, or "deposit" on the Member Loan in the amount of $200.00 is
due immediately upon approval by the board. This "deposit" is
you are approved, if you change your mind and decide not to move
into the Co-operative, you will forfeit this "deposit".
When you move into the Co-operative, this deposit is applied toward the Member Loan, lowering the balance you will have left owing for the Member Loan. No interest is paid on this amount, and the Loan will be held by the Co-operative until you move out. If you leave your unit clean, fulfill all of your responsibilities for move-out and your housing charges have been paid in full, your Member Loan will be returned to you. Your Member Loan may be used to compensate the Co-operative if you damage the unit or if you are in arrears for housing charges (rent). The Member Loan is NOT your last month's housing charge (rent). You do not have to pay your last month's housing charge at the time that you move in, however, you will be required to make sure that it is paid on or before the first business day of the last month that you are living in the Co-operative.