Canadian Housing Co-ops in Danger

Housing co-ops are run on a break-even basis, without generating a profit. This helps ensure that costs are kept down and that rents are affordable.

Governments contribute subsidies to help cover the housing costs of low-income co-op residents, allowing them to pay reduced rents that are geared to their incomes. In the case of federally-funded co-ops, the federal government has been providing the subsidies that allow low-income people to live in approximately 1/3 of the co-op homes.

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The agreements under which the federal government has provided subsidies for low-income co-op residents are coming to an end, in large numbers now. Unless the federal government renews funding, more than 20,000 low-income co-op households will soon lose their subsidies. This will put these residents at risk of becoming homeless – and jeopardize the future of federally-funded co-ops as mixed-income communities. This growing crisis also threatens another 300,000 low-income homes in private and municipal non-profits and public housing.

Read the rest at Protect Co-op Housing

 

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