More details about subsidy renewal for federal co-ops - July 26, 2016

More details about subsidy renewal from federal government

CHF Canada is reporting new details about the federal government’s commitment to renew subsidies for low-income co-op members whose co-ops' operating agreements have ended.

Here’s what we know:
  • If your co-op’s federal operating agreement has ended or will end between April 1, 2016 and March 31, 2018, Canada Mortgage and Housing Corporation (CMHC) is making an offer to continue to provide subsidies to your co-op on an interim basis through to March 31, 2018.
  • CMHC will ask co-ops to indicate their acceptance of this offer and sign a supplementary agreement.  
  • Payments will be retroactive from the time of the Operating Agreement expiry (April 2016 and on) to the signing of the supplementary agreement.
  • Co-ops that accept this offer will still need to file an Annual Information Return with the Agency for Co-operative Housing to track the use of the federal assistance. However, the terms of this new agreement will no longer require co-ops to get CMHC approval for any refinancing or investing.  
  • If your co-op is eligible, CMHC will be in touch.

For co-ops whose agreements ended prior to April 1 of this year, CHF BC is working to learn more about how the province will help.

This good news is thanks to the hard work of members supporting the You Hold the Key Campaign. And we still need your help to unlock the solution:

Let’s work together to finish the job!


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