New Co-operative Housing Development Program to receive half a billion in funding
A major component of Budget 2022 is robust support for co-operative housing nationwide, according to the Canada Mortgage and Housing Corporation.
As much as $500 million of funding from the National Housing Co-Investment Fund will be redirected to a new Co-operative Housing Development Program, which aims to expand co-op housing in Canada by an additional 6,000 units.
This represents the largest investment in co-op housing in more than three decades, CMHC said.
“This new program will be co-designed with the Co-operative Housing Federation of Canada and the co-operative housing sector,” CMHC added. “Budget 2022 also proposes an additional $1 billion in loans to be reallocated from the Rental Construction Financing Initiative to support co-op housing projects.”
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Part of Budget 2022’s housing pledges was the doubling of the rate of construction over the next 10 years, as well as the installation of more environmentally-conscious housing and building stock.
To spur these developments, the federal government will be incentivizing the development of such stock on the city level, coupled with denser, more sustainable neighbourhoods to boost housing supply.
“Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger and more resilient economy for years to come,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance.
