Federal government launches $1.5B program to build co-op housing
Sean Fraser announces the program in Winnipeg on June 6, 2024. (Source: Joseph Bernacki/CTV News)
The federal government is launching a $1.5 billion program to help build co-op housing and improve affordability.
The Co-operative Housing Development Program was announced at a Thursday news conference in Winnipeg, and will provide loans and contributions to build co-ops across the country.
Through this program, thousands of co-op homes will be built by 2024. Projects with a focus on providing homes for those most in need will be prioritized.
According to the federal government, this program will increase the number of affordable homes in Canada and grow the community housing sector.
“One of the things that I absolutely love about co-operative housing is the model is designed not to make money for someone who lives somewhere else, but to maintain quality homes at prices people can actually afford,” said Housing, Infrastructure and Communities Minister Sean Fraser.
Co-op housing providers can apply for funding beginning on July 15. The first intake round will stay open until Sept. 15. Additional intake opportunities will be announced later.
The government noted this is the largest investment to build new co-ops in the last 30 years.
“It’s a no-brainer from my perspective that the federal government needs to step back into this space in a serious way,” Fraser said.
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