Co-Investment Fund will Help Modernize Existing Stock and Fund More Housing

Date
17 July 2018
Source
CMHC

This spring, CMHC launched the National Housing Co-Investment Fund as part of the federal government’s National Housing Strategy. The Fund supports the creation or repair of affordable homes across the country. The goals of the program are

  • create 60,000 new units
  • repair 240,000 units
  • create or repair at least 4,000 shelter spaces for victims of family violence
  • create at least 7,000 new affordable units for seniors
  • create at least 2,400 new affordable units for people with developmental disabilities

There are two streams that co-ops can apply to; the New Construction stream and the Repair and Renewal stream. In both streams, applicants must demonstrate that they meet the eligibility requirements in several categories such as financial viability, affordability, accessibility and energy efficiency. Federal-program housing co-operatives are not required to get funding from the province or municipality. That requirement has been waived.

CMHC is accepting applications completed on-line on an ongoing basis and reviewing applications every 60 days. For more information please contact the Agency at info@agency.coop or contact your Relationship Manager.

Plans in Action

The average co-op with an approved capital plan is setting aside more than $2,800 per unit in reserves each year--more than double the 2007 amount of $1,186. We're so impressed that we're speechless!