The Canadian government has introduced a new affordable housing initiative focused on the creation of thousands of co-op housing units.
The Co‑operative Housing Development Program is a $1.5 billion endeavor created with the Co-operative Housing Federation of Canada and other leaders in the co-op sector. The program consists of approximately $500 million in contributions and $1 billion in loans to build new co-ops and grow existing ones.
“By focusing on people over profits, co-operative housing is able to keep housing affordable for the long term,” said Housing Minister Sean Fraser. “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.”
The Canada Mortgage and Housing Corporation will administer the Co-operate Housing Development Program on behalf of the federal government. In addition to the new Co-operative Housing Development Program, the federal government supports co-op residents through the $618.2 million Federal Community Housing Initiative, which provides rental assistance to low-income households and transitional funding to housing providers, and the $4.8 billion Canada Housing Benefit, which provides direct financial support to Canadians who are experience housing need.
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