Co-op refinancing made easier!

CHF BC and Social Purpose Development Partners ready to help

Congratulations to CHF Canada! Our national federation has just convinced CMHC to make co-op refinancing much more affordable

Until now, co-ops needing to finance major repairs and renovations faced unreasonable prepayment penalties if they tried to buy out their CMHC mortgages to partner with credit unions like Vancity.

That all changed today when CMHC updated its lending programs to bring those prepayment charges in line with standard commercial lending practices. This opens the door for more Section 95 housing co-ops to plan for major capital upgrades that will preserve their homes long into the future.

CHF BC helped to mobilize support for this effort by enlisting Metro Vancouver and the City of Vancouver to write letters of support to the minister responsible for CMHC. We are grateful for the support we received from our municipal partners, who showed how much they care about the future of housing co-ops and their members.

And now, we’re ready to help you take that next important step. CHF BC is the majority shareholder in Social Purpose Development Partners, a company formed with Vancity Community Foundation and Terra Housing to help co-ops successfully refinance their much needed capital upgrades.  We have already started to commit loans through our financial partner, Vancity, and we’re ready to do more.

For information on how you can qualify for refinancing by working with Social Purpose Development Partners, call 604-879-5111 ext 150 or 604-424-8385 direct.