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How It Works


Through CHF Canada’s Refinancing Program, your co‑op takes out a loan from your credit union and pays off its existing CMHC mortgage.

Because this new mortgage is extended over a longer period of time, your co‑op can also borrow money to cover the cost of repairs and upgrades – with monthly payments that are approximately equal to or less than what your co‑op is already paying.

The Mortgage Agreement with the credit union has four parts:

  • money for the CMHC payout and the cost of repairs
  • a capital plan with an annual reserve contribution identified (to be updated every five years)
  • annual reports on the co‑op’s financial performance and capital plan (a requirement in commercial lending), and
  • facilitation by CHF Canada if the lender becomes concerned about governance, management or financial performance.

The process starts with identifying your co‑op’s borrowing needs.

Asset Management Services

Available with the refinancing program is a comprehensive asset management plan, including the scope of repair work and a year-by-year roadmap for capital projects. Your co‑op can get short- and long-term financial projections of revenues, expenses, reserves and debt services.

While some co‑ops already have these plans in place, others need help to prepare or update their plans. CHF Canada’s Asset Management Services can help with the planning as well as other stages of the work, such as obtaining a Building Condition Assessment, completing a procurement process for capital projects or design services, or providing full and comprehensive project management.