Bridle Manor Co-operative Inc
History of Bridle Manor Co-operative Inc
The Bridle Manor property was constructed in 1965-67 as a rental project. It was built by the developer Robert McClintock, and many aspects of the design and site plan were considered innovative at the time. In fact, the project won a design award from the Scarborough Planning Board in 1972.
Over the years, Bridle Manor enjoyed reasonable rents and a stable community. However, in 1981, the property changed hands and the new owner put it up for sale. The residents were concerned about potentially large rent increases and continued deterioration and neglect of the property.
The property came to the attention of the Co-operative Housing Federation of Toronto, a non-profit resource group which assists new housing co-ops to get started.
The Federation met with the residents and presented to them the option of converting the project to a non-profit housing co-operative. The vast majority of the residents were in favour of the conversion as a means to keep their housing costs affordable, to obtain financing to rehabilitate the property and to gain control of the management of their housing.
In December 1981, Bridle Manor converted from a rental property to a non-profit housing cooperative.
Financial assistance was provided by the Federal government (under its co-op housing program) which provided a grant to bridge the gap between market charges and the actual cost of purchasing and operating the project. Through the government's Residential Rehabilitation Assistance Program (RRAP) a grant was also provided to carry out extensive renovation to the property.
The Co-operative Housing Federation sponsored the conversion, arranged the financing, set up the Co-op Corporation, co-ordinated the renovations, and assisted the residents in organizing their co-op community. The Federation completed its services to the Co-op in July 1983.
Bridle Manor was fortunate from the beginning to have member residents who participated actively in the organizing and ongoing operation of their Co-op. This active participation, which continues on, has made Bridle Manor the successful co-operative housing community it is today.