On June 6, the federal government launched its largest investment in support of co-op housing in the last 30 years at $1.5B.
The new Co-operative Housing Development Program, consisting of $500 million in contributions and $1 billion in loans, is intended to support a new generation of co-ops in Canada — a housing option that provides secure, affordable, and community-oriented homes. It was co-designed with the Co-operative Housing Federation of Canada (CHF Canada) and other leaders in the co-op sector.
According to the news release from Infrastructure Canada, it is projected that thousands of new co-op homes will be built by 2028, with homes for the most in need being prioritized, including Indigenous groups, women and children, and persons with disabilities.
“The launch of the new Co-operative Housing Development Program is a turning point,” says Tim Ross, Executive Director of CHF Canada, in the news release. “The program acknowledges the unique value of co-operative housing in providing affordable, secure homes, and fostering strong and inclusive communities. The program will kick-start the construction of the next generation of co-op housing, which is part of how we will solve the housing crisis. The co-op housing sector is once again ready to build.”
As of now, CHF Canada counts a total of 2,200 active co-ops in Canada, housing around a quarter of a million people. This boost for co-op construction (a generally more affordable housing option) is a part of the government’s goal to build more homes for more types of people.
“Our government’s plan to build nearly 4 million new homes is the most ambitious housing plan in Canadian history," says Chrystia Freeland, Deputy Prime Minister and Minister of Finance, in the news release. "We’re doing this to ensure every generation, especially Millennials and Gen Z, can find an affordable place to call home."
According to Infrastructure Canada, 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.
