The federal government has launched a $1.5 billion Co-operative Housing Development Program to enhance affordable housing across Canada. Co-designed with the Co-operative Housing Federation of Canada, this initiative marks the largest federal investment in co-op housing in over 30 years.

Federal Government Launches $1.5 Billion Program for Affordable Co-op Housing
The new Co-operative Housing Development Program aims to provide secure, affordable, and community-oriented homes for Canadians. With a budget of $1.5 billion, this program supports the development of a new generation of co-op housing, making homeownership more accessible.

Addressing Housing Affordability
Ontario, especially the GTA, faces high home prices, making affordable housing crucial. The average home price in Ontario is $900,161, highlighting the need for initiatives like this. The program offers loans and contributions to build and expand co-op housing, targeting projects that help those most in need.

Application and Benefits
Funding applications open on July 15, 2024, with the first round closing on September 15, 2024. Co-op housing, managed by residents, operates on a break-even basis, ensuring long-term affordability and a strong sense of community. Housing Minister Sean Fraser emphasized, “Investing in co-operative housing preserves long-term affordability by removing profit from the equation.”

The program prioritizes support for women and Indigenous communities, reflecting a commitment to inclusive housing solutions.

Conclusion
The $1.5 billion Co-operative Housing Development Program is a significant step towards increasing affordable housing in Canada. By 2028, thousands of new co-op homes will be available, providing secure and budget-friendly options.

For more affordable housing options, visit Golden Falcon Homes.

Source: Canada.ca