Canada Invests $1.5 Billion in Cooperative Housing

06 Jun 2024
Photo by Benoit Debaix on Unsplash

Canada's federal government introduced the "Co-operative Housing Development Program" on June 6 to enhance housing affordability by promoting a new wave of co-op housing. This initiative, in partnership with the Co-operative Housing Federation of Canada (CHF) and other sector leaders, comprises of CA$500 million in contributions and CA$1 billion in loans. 

Housing Minister Sean Fraser highlighted the program's focus on people over profits, emphasizing its potential to create thousands of new homes and foster long-term affordability. The program will open for funding applications from July 15 to September 15, with more dates to be announced at a later time. 

Deputy Prime Minister Chrystia Freeland underscored the government's ambitious plan to build nearly four million new homes, aiming to ensure affordable housing for future generations.

Administered by Canada Mortgage Housing Corporation, the program will prioritize projects serving vulnerable groups, including Indigenous communities, women and children, and disabled individuals. Alongside this initiative, the federal government supports co-ops through the Federal Community Housing Initiative and the Canada Housing Benefit. 

CHF Canada, representing 2,200 housing cooperatives, is committed to the program's success, leveraging its extensive network and experience. 

This investment in housing co-ops puts cooperatives at the forefront of combating economic inequities and providing a more promising alternative to other private developments.