HAMILTON, ON, June 11, 2016 /CNW/ - Thousands of low income co-op residents will sleep easier after learning their rental assistance will continue for at least two more years.
Federal and provincial funding agreements that assist over 50,000 low-income co-op residents are coming to an end. As funding agreements expire, low-income households are at risk of losing their homes.
Jean-Yves Duclos, the federal Minister responsible for CMHC confirmed that help is soon on its way during an announcement at the annual meeting of the Co-operative Housing Federation of Canada (CHF Canada) in Hamilton, Ontario.
"This is welcome news for housing co-ops who have been concerned about the loss of federal assistance to low-income co-op households," said CHF Canada President Anne Davidson. "We expect these measures will protect thousands of low-income co-op households across the country."
CHF Canada members learned that CMHC will soon renew subsidies for all federally administered housing co-operatives whose operating agreements expire between April 1, 2016 and March 31, 2018. Duclos described the commitment as bridge funding that will protect low income co-op households over the next two years while the federal government works with partners to create a national housing strategy.
"We must applaud the federal government for recognizing its responsibility in making sure that low-income Canadians can find and maintain a safe, affordable place to call home," said CHF Canada Executive Director Nicholas Gazzard. "We look forward to partnering with provincial, territorial and federal governments to create a long term, cost shared rent supplement program as one of many positive outcomes of the upcoming national housing strategy."
CHF Canada is the national voice of the Canadian co-operative housing movement. Its members include over 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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