HALIFAX, Jan. 20 /CNW Telbec/ - The North End United Housing Co-op, a new Nova Scotia housing co-op created by the merger of four existing co-ops, has received $3.1 million from provincial and federal stimulus funds for capital repairs and energy-conserving modifications.
"This $3.1 million investment in co-operative housing by the federal and provincial governments is an excellent example of stimulus funding that works," said Ken Elliott, President of the Co-operative Housing Federation of Canada. "The merger of four smaller co-ops into one larger organization created the capacity and community engagement to seek and win significant funding for essential repairs and renovations."
Mr. Elliott was speaking at the announcement today of the funding for the North End United Housing Co-op, created by the merger of the Seaview Housing Co-op, the Jim MacDonald Housing Co-op, the Anathoth Housing Co-op, and the Charles Court Housing Co-op. The funds will be used for needed repairs to windows, doors and roofs and for energy-conserving renovations at the four co-op housing sites. The North End United Housing Co-op has 131 units.
The North End United Housing Co-op also will benefit from a "blend and extend" mortgage arrangement that will blend the four co-ops' existing mortgages and spread the payments over a new 25-year period.
"Co-op mergers made this funding possible," said Mr. Elliott. "It demonstrates that amalgamated co-ops are successful. This is a model that is working for co-op housing in Nova Scotia and can succeed in other areas as well." Nova Scotia leads the country in co-operative housing mergers.
Funding for the North End United Housing Co-op comes from the federal government and from the Nova Scotia government's Social Housing Assistance Repairs Program (SHARP). "We are grateful to the province of Nova Scotia for working with the co-op to make this investment possible," said Mr. Elliott. "It's a positive commitment to the important role co-op housing plays in our communities."
CHF Canada is the national voice of the Canadian co-operative housing movement. Its members include nearly 900 non-profit housing co-operatives and other organizations across Canada. More than a quarter of a million Canadians live in housing co-ops, in every province and territory.
SOURCE Co-operative Housing Federation of Canada
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