Federal government launches new $1.5 billion program to build a new generation of co‑op housing Français
WINNIPEG, MB, June 6, 2024 /CNW/ - Today, the federal government launched a new Co‑operative Housing Development Program to support a new generation of co-op housing in Canada and help make housing more affordable.
For decades, co-ops have provided Canadians with secure, affordable, and community-oriented homes. The new $1.5 billion program – co-designed with the Co-operative Housing Federation of Canada and other leaders in the co-op sector – will provide loans and contributions to build and grow co-ops across Canada. This is the largest investment to build new co-op housing in the last 30 years.
The program will build thousands of new co-op homes by 2028. Projects that focus on providing homes for those most in need will be prioritized.
Co-op housing providers will be able to apply for funding starting on July 15, 2024, and the first intake round will remain open until September 15, 2024. Additional intake opportunities will be announced at a later date. To start preparing an application and to receive updates, please visit the Co-operative Housing Development webpage.
The Co-operative Housing Development Program will help increase the number of affordable homes in Canada and grow the community housing sector faster so that low- and middle-income Canadians have a safe and affordable place to call home. Through investments like this, we are addressing housing pressures across the country, so that future generations have the same opportunity to rent or own a place of their own as generations that came before them.
"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."
The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Our government's plan to build nearly 4 million new homes is the most ambitious housing plan in Canadian history. We're doing this to ensure every generation, especially Millennials and Gen Z, can find an affordable place to call home. Today's investment to build more co-op housing—the largest investment in co-ops in three decades—will help us build more of the homes Canadians need."
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
"The launch of the new Co-operative Housing Development Program is a turning point. The program acknowledges the unique value of co-operative housing in providing affordable, secure homes, and fostering strong and inclusive communities. The program will kick-start the construction of the next generation of co-op housing, which is part of how we will solve the housing crisis. The co-op housing sector is once again ready to build."
Tim Ross, Executive Director of CHF Canada
- Co-operative housing, often referred to as "co-ops", are managed by the people who live in it, with no outside landlord.
- Co-ops are generally more affordable than other private rental housing.
- This $1.5 billion program is the largest investment in building new co-ops in the last 30 years and will build thousands of new co-op homes.
- The program consists of approximately $500 million in contributions and $1 billion in loans to build new co-ops and grow existing ones.
- CMHC will administer the Co-operate Housing Development Program on behalf of the federal government.
- Projects will be prioritized for funding if they focus on providing homes for those in need of support, including Indigenous groups, women and children, and persons with disabilities.
- The federal government also eliminated the Goods and Services (GST) from new rental apartment projects and co-ops which is estimated to kickstart construction of up to 300,000 new homes.
- 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, co-developed and cost-matched by provinces and territories, which provides direct financial support to Canadians who are experience housing need.
Co-operative Housing Development Program (CHDP)
Canada's Housing Plan
Budget 2024: Fairness for Every Generation
National Housing Strategy
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SOURCE Infrastructure Canada
Contacts: (media only): Micaal Ahmed, Communications Manager, Office of the Minister of Housing, Infrastructure and Communities, 343-598-3920, [email protected]; Media Relations: Infrastructure Canada, 613-960-9251, Toll free: 1-877-250-7154, Email: [email protected]
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