For decades, co-ops have provided Canadians with secure, affordable, and community-oriented homes. To support a new generation of co-op homes, our government has launched the $1.5 billion Co-operative Housing Development Program. This program will be the largest investment to build new co-op housing in the last 30 years.
Through this program, co-op housing providers will be able to apply for loans and contributions to build and grow co-ops across the nation. 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.
Eligible project types include:
- new construction;
- densification; and,
- conversion of non-residential buildings.
To qualify for the Co-op Housing Development Program, your project must meet mandatory minimum requirements for:
- financial viability;
- affordability
- rents/housing charges of the units must be at or below 110% of the median market rent, post-200 builds in the subject area.
- energy efficiency; and,
- accessibility.
New co-ops built through this program will result in inclusive, strong communities that meet the needs of today and anticipate the needs of tomorrow. Co-op units created under the program will be available for a minimum of 20 years at a lower rental rate compared to newly constructed purpose-built rental units.
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 did previous generations.
