The first federal co-op housing program was in place from 1973 to 1978. The Section 61 (formerly 34.18) program offered co-ops a 50-year mortgage at a fixed interest rate (usually 8%) along with a 10% capital grant that was earned over time. Housing charges varied between members. Some members paid more than the break-even ‘rents’ so that other, low-income members, could pay less (i.e. housing charges geared to income).