Govt launches new $1.5b program to build new generation co‑op housing

eAwazLocal News

Winnipeg – The federal government launched a new Co‑operative Housing Development Program to support a new generation of co-op housing in Canada and help make housing more affordable. For decades, co-ops have provided Canadians with secure, affordable, and community-oriented homes. The new $1.5 billion program – co-designed with the Co-operative Housing Federation of Canada and other leaders in the co-op sector – will provide loans and contributions to build and grow co-ops across Canada. This is the largest investment to build new co-op housing in the last 30 years.

The program will build thousands of new co-op homes by 2028. Projects that focus on providing homes for those most in need will be prioritized.

Co-op housing providers will be able to apply for funding starting on July 15, 2024, and the first intake round will remain open until September 15, 2024. Additional intake opportunities will be announced at a later date. To start preparing an application and to receive updates, please visit the Co-operative Housing Development webpage.

The Co-operative Housing Development Program will help increase the number of affordable homes in Canada and grow the community housing sector faster so that low- and middle-income Canadians have a safe and affordable place to call home. Through investments like this, we are addressing housing pressures across the country, so that future generations have the same opportunity to rent or own a place of their own as generations that came before them.

“By focusing on people over profits, co-operative housing is able to keep housing affordable for the long term. This is the largest investment in co-op housing in 30 years. It will help build thousands of new homes and create a new generation of co-operative housing across Canada.” – Sean Fraser, Minister of Housing, Infrastructure and Communities

“Our government’s plan to build nearly 4 million new homes is the most ambitious housing plan in Canadian history. We’re doing this to ensure every generation, especially Millennials and Gen Z, can find an affordable place to call home. Today’s investment to build more co-op housing—the largest investment in co-ops in three decades—will help us build more of the homes Canadians need.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance