Asset management planning pilot project for Ontario co-ops

Published April 11, 2024

In mid-January 2024, Ontario Associate Minister of Housing, Rob Flack, announced new funding to help co-ops plan for a sustainable future as they reach the end of their mortgages (EOM).

The pilot funding program will provide housing co-ops, regulated under the Housing Services Act (HSA) and who have paid off their mortgage by the spring of 2026, with an asset management financial business plan,  a key tool in assisting co-ops to negotiate a service or exit agreement with their Service Manager.

The asset management financial business plan will be developed by CHF Canada’s Asset Management and Financial Services team.

CHF Canada will contact eligible co-ops to see if they are interested in participating in the pilot program.

Building Condition Assessment

Housing co-ops that participate in the pilot program will need a Building Condition Assessment (BCA) that is less than two years old.

A current BCA is vital to understand an aging building’s capital repair needs. CHF Canada’s Asset Management and Financial Services team can evaluate whether your co-op’s BCA can be used as the foundation for an asset management plan.

To ensure  HSA co-ops have access to the best information possible, CHF Canada has a deferred loan payment program on new BCAs purchased through our Asset Management and Financial Services team:

• The initial cost to a participating HSA co-op for a new BCA will be 50% of the final invoice plus full HST.
• A non-interest loan will be advanced to the co-op from CHF Canada to pay the remaining balance.
• The loan is payable in three equal payments over three years after the signing of a Service or Exit agreement.

To help board directors, managers and staff gain a better understanding of what an Asset Management Plan can do for your co-op, try our free online learning course, What is an Asset Management Plan? It takes about 15 minutes to complete at a time of your choosing.