New Money from CMHC for Planning

Date
5 October 2018
Source
CMHC

Is your co-op thinking of completing a Building Condition Assessment (BCA) or a Capital Replacement Reserve Plan (CRP)? Now’s your chance.

CMHC has just announced the Preservation Fund, an offshoot of their Seed Funding program, which allows co-ops with federally administered operating agreements, in good standing, to apply for financial help with costs associated with preservation activities and environmental sustainability.

This means that you can apply for funds to spend on a building condition audit/assessment (BCA), capital replacement reserve planning (CRP), an age-friendly conversion assessment, an energy audit and more, including an operating viability analysis or a refinancing consultation, analysis and assessment.

But don’t let this list limit your imagination! CMHC is encouraging you to identify planning activities that will help preserve your co-op’s property and set you up for future funding opportunities. (Note: the fund is not for physical construction or renovation work.)

The Seed Redesign and Preservation Funding programs were launched on 4 September 2018. Want to apply but are not sure how? Check out these self-serve resources 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!