Federal government launches Co-operative Housing Development Program
On June 6, 2024, the federal government launched the Co-operative Housing Development Program.
The program’s launch was announced by Sean Fraser, Minister of Housing, Infrastructure and Communities and Dan Vandal, Minister of Northern Affairs, alongside the Co-operative Housing Federation of Canada (CHF Canada) board president Cassia Kantrow and executive director Tim Ross.
The Co-operative Housing Development Program is the first dedicated federal investment in the construction of co-operative housing in more than 30 years.
The program, delivered by the Canada Mortgage and Housing Corporation, will consist of approximately $500 million in contributions and $1 billion in loans to build co-ops across the country. Projects that support the creation of Indigenous-led co-operative housing will be eligible.
“The launch of the Co-operative Housing Development Program will kickstart the development of the next generation of co-operative housing. More individuals and families will be able to access the security, affordability and inclusion that co-operative housing offers,” said CHF Canada’s executive director, Tim Ross.
“Dedicated investment in co-operative housing acknowledges its unique value in providing not only affordable homes, but also in nurturing strong communities where people of different incomes and backgrounds are welcomed,” said Cassia Kantrow, CHF Canada’s board president.
Co-operative housing was part of how Canada addressed its housing needs in the ’70s and ’80s and the co-ops that were built decades ago provide affordable homes to a quarter of a million Canadians in present day. Now, amid another housing crisis, co-ops are once again ready and able to build, with the investments coming from this new program.