As property managers for Co-operative housing we are always pleased to hear news of additional funding support for Co-operative housing providers.
That is why the announcement from Social Development Minister Jean-Yves Duclos regarding government support of $150 million over four years to federally funded co-ops comes as great news for Co-operatives throughout the Country.
This plan for $150 million in funding arrives at a good time as housing Co-ops throughout the Country approach the end of their 40 and 50- year mortgage agreements with Canada Mortgage Housing Corporation that were created in the 1970s and 1980s. With this additional funding support, Co-ops will have increased ability to pay off their federal loans, enabling them to test the private market for mortgages at rates significantly lower than those they are currently tied into.
The end objective is that Co-ops have reduced long-term dependence on federal funding and will eventually become self-sustaining housing providers that can continue to provide affordable housing to those who reside there.
We will continue to find more information on how this funding is being prioritized and identifying how our clients can obtain this additional funding support to help create sustainable communities.
To read the full article on the funding plans, click here.Share: