OTTAWA, Jan. 29, 2013 /CNW/ - The Co-operative Housing Federation of
Canada (CHF Canada) warmly welcomes today's announcement by the
Minister Responsible for CMHC of changes to lending programs that will
allow federally funded housing co-ops to pursue private financing for
needed renovations and replacements.
"We are very grateful to Minister Finley for making this prudent and
timely decision," said CHF Canada Executive Director Nicholas Gazzard.
"Partnering with the private sector is innovative and creates the
elusive win-win-win solution. This model takes financial liabilities
off government books while preserving precious affordable housing and
creating valuable construction jobs."
Last year, CHF Canada informed Minister Finley that some housing co-ops,
including Mondragon Co-operative Homes in Brampton, were ready to buy
out their federally administered mortgages using credit union lending
to finance renovations to their aging homes. Today`s rule changes will
allow these co-ops to go ahead with their plans.
Dozens of other housing co-ops across Canada that are in serious need of
updates will be delighted to hear today's news that they can now
proceed with new first mortgages in partnership with Canada's credit
unions. This will allow them to replace roofs, doors, windows, heating
and other vital building systems to maintain secure, affordable housing
for future generations.
CHF Canada is the national voice of the Canadian co operative housing
movement. Its members include more than 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
SOURCE: Co-operative Housing Federation of Canada
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