Ontario Associate Minister of Housing announces new funding for co-op housing
Published January 18, 2024
Today, 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 mortgage.
The Ontario government is committing $646,790 in funding available for co-ops to obtain technical and financial advice in the form of asset management plans. This is an essential investment to sustaining and growing co-op homes.
Minister Flack toured Troy Village Housing Co-op, a co-op in his riding of Elgin-Middlesex-London. He was joined by the Mayor of Aylmer, Jack Couckuyt, the Board of Troy Village Housing Co-op, and representatives of CHF Canada.
The funding initiative is a response to a proposal submitted by CHF Canada in 2023, anticipating the evolving needs of co-ops as they strategize for a future beyond their mortgages. The agreement signed between the Province and CHF Canada will help make these communities sustainable and allows CHF Canada to meet the needs of the current members without compromising the ability of future generations to meet theirs.
CHF Canada Board of Directors
“Today’s funding announcement recognizes the importance of having long-term, affordable co-op homes in communities across the province. It shows that CHF Canada is a trusted partner, ready to respond to Ontario’s growing housing needs.”
The Honourable Rob Flack
Associate Minister of Housing
“There is nothing more powerful than a well-managed and well-funded housing co-op. This important funding will support housing co-ops as they explore opportunities for partnerships and growth.”
CHF Canada Executive Director
“This investment is pivotal in ensuring the sustainability of co-op communities, aligning with CHF Canada’s commitment to meet the needs of current members with a purpose to offer community-oriented housing for generations to come.”
Obtaining this funding is another success arising from CHF Canada’s Fix the Formula campaign, which made the government aware of potential challenges arising from end of mortgage. Reaching the end of mortgage is a crucial moment of transformation for every co-op regulated by the Housing Services Act – about half of the housing co-ops across Ontario. Before they negotiate a new Service Agreement with their Municipal Service Manager, each co-op must determine their community’s vision, examine their assets and plan how to sustain their co-op homes for future generations.
The funding will help CHF Canada and the regional partners work directly with housing co-ops coming to the end of their mortgage between 2022 and 2026 to develop asset management plans for short-and long-term decision-making. An Asset Management Plan is a detailed report using technical and financial experts that offers a co-op strategies to address current challenges and reach its goals.
You can learn more about the announcement in the Ontario government media release.
We will work with the government on funding details and keep Ontario co-ops updated. In the meantime, if you have questions, please contact:
CHF Canada Ontario Regional Manager
1-800-268-2537, ext. 236
Please note that this story represents the views of CHF Canada and does not necessarily reflect the views of the Province.
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