By GlobeNewswire – Press Releases
Winnipeg, Manitoba, June 06, 2024 (GLOBE NEWSWIRE) — Today, the federal government launched the Co-operative Housing Development Program. The program’s launch was announced by the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities and the Honourable Dan Vandal, Minister of Northern Affairs, alongside the Co-operative Housing Federation of Canada (CHF Canada) Board President Cassia Kantrow and Executive Director Tim Ross.
The Co-operative Housing Development Program is the first dedicated federal investment in the construction of co-operative housing in over 30 years. Delivered by the Canada Mortgage and Housing Corporation, the program will consist of approximately $500 million in contributions and $1 billion in loans to build co-ops across Canada. Projects that support the creation of Indigenous-led co-operative housing will be eligible.
CHF Canada is committed to ensuring the program’s success through decades of expertise, deep connections with its members and strong linkages to other sector leaders and organizations, especially regional co-operative housing federations. We will work to ensure this program is a further step in growing the development capacity of the co-operative housing sector.
Co-operative housing was part of how Canada addressed its housing needs in the 1970s and 1980s. The co-ops that were built decades ago provide affordable, secure homes to a quarter of a million Canadians today. Now, facing another housing crisis, co-ops are once again ready and able to build, with the investments coming from this new program.
“The launch of the Co-operative Housing Development Program will kickstart the development of the next generation of co-operative housing. More individuals and families will be able to access the security, affordability and inclusion that co-operative housing offers,” stated CHF Canada’s Executive Director, Tim Ross.
“Dedicated investment in co-operative housing acknowledges its unique value in providing not only affordable homes, but also in nurturing strong communities where people of different incomes and backgrounds are welcomed,” added Cassia Kantrow, CHF Canada’s Board President.
“Having a secure home in a supportive community made all the difference for me when I was a young single parent. Co-operative housing changes lives, and I am overjoyed that more people will be able to have what I had, thanks to the Co-operative Housing Development Program.”
“By focusing on people over profits, co-operative housing is able to keep housing affordable for the long term. This is the largest investment in co-op housing in 30 years. It will help build thousands of new homes and create a new generation of co-operative housing across Canada,” stated the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
More information on the program can be found by visiting CMHC’s program website or CHF Canada’s website.
Source: GlobeNewswire – Press Releases