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Rental Assistance Program Tips and Tricks - Edition Number 1 2025

The Agency for Co-operative Housing

Welcome to the Rental Assistance Program (FCHI-2)

Welcome to the Rental Assistance Program (RAP)! If you or the co-op are new to the Rental Assistance Program, we highly recommend reviewing these resources to get started.

From CMHC FCHI-2 Program Website:

CMHC FCHI-2 Reference Guide - Outlines all program guidelines, we recommend reading at least

Managing Your Business

Housing co-operatives are small businesses formed to provide housing for their members. They prosper best when they are fully occupied and members pay their housing charges in full and on time.

A housing co-op is not a complex business, but it takes work to keep it going. As the steward of your

Protecting the Environment

This world is the only one we have. Investing in sustainability will save your co-op money and protect future generations too.

Check out ideas from the Agency, Canada Mortgage and Housing Corporation (CMHC), Co-operative Housing Federation of Canada and others that will help reduce your co-op’s

You can never get back the money you lose when a unit stands empty. Whenever a member gives notice, it’s important to get the word out, which is usually the responsibility of the manager. As soon as a prospect gets in touch, your co-op needs to follow up promptly. Otherwise, they will go elsewhere.

Get Paid

Your co-operative is in the housing business, not the lending business. It has bills to pay and a building to keep up. You should keep this in mind when members don’t pay on time.

If a household doesn’t pay what it owes and moves out, the co-operative is left with a bad debt, which will have to be

Budget Well

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.

Begin the process by

Protect Your Assets

Your co-op has three main assets, although only one appears on the audited financial statements.

Your money and buildings

Protect your co-op‘s property by buying the right insurance in the right amounts. All housing co-ops need five kinds of insurance: property, loss of housing charges, public

Borrow Money

As you come to the end of your mortgage, or earlier, your housing co-operative may need to borrow new money. The property may need more work than the capital replacement reserve can fund. Or you may have been looking forward to updating the older elements of your buildings and units. Some co-ops

Your Operating Agreement

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.