Good news for co-ops with active, federally-administered operating agreements!
Co-ops with a Section 95, ILM or Section 61 agreement are eligible to apply to Canada Mortgage and Housing Corporation (CMHC) for funding to “help complete activities that will allow them to transition to a more viable and sustainable model.” This means there’s money available to help co-ops plan for the future, develop asset management plans and better understand their options.
CMHC’s Preservation Funding for Community Housing can help co-ops (and other non-profits) cover the costs of:
In this ongoing program, CMHC is accepting applications on a continuous basis, and reviews and prioritizes them every 30 days. If you haven’t got a recent BCA or asset management plan, now is an excellent time to get started. For those who have already begun this work, funding isn’t retroactive, but you have opportunities to pursue additional studies (such as those listed above, or appraisals if you’re anticipating borrowing in the near future).
Remember, CHF BC offers comprehensive long-term planning assistance. Please contact us!
For more information, visit CMHC’s Preservation Funding webpage. For help completing your application, you can contact CMHC’s Affordable Housing Specialist for your region.
Note: For co-ops without a CMHC agreement, there may still be opportunities through CMHC’s Seed Funding (Preservation Stream).