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To avoid running out of money, your co-op needs to adopt a well thought-out operating budget every year. Without one, you could find yourself facing a deficit, paying your bills late, cutting back on repairs to units and unable to update and replace worn-out building elements.

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Almost all housing co-operatives that have received assistance under federal programs in Canada have, or once had, an operating agreement with Canada Mortgage and Housing Corporation (CMHC). The CMHC agreements set out what each party is required to do during a term that varies from 30 to 50 years.