Housing co-operative group commends 2017 budget

A national group of housing co-operatives has indicated its willingness to work with the federal government in addressing the Canadian housing affordability crisis, in the wake of last week’s announcement of the 2017 federal budget.

In a recent CNW press release, the Co-operative Housing Federation of Canada (CHF Canada) praised the “long-term, new investments aimed at addressing affordable housing challenges” outlined in the budget.

“Housing co-ops applaud the federal government's significant new investment in housing,” CHF Canada executive director Nicholas Gazzard said.

At present, approximately 250,000 Canadians reside in housing co-operatives, with roughly 20,000 households depending on government subsidies to remain solvent.

“The lack of choice and affordability in housing for low- and moderate-income Canadians is a major issue, and housing co-ops offer a proven solution. We’re ready to partner with the federal government to leverage our successful model to create new affordable co-op homes for Canadians,” Gazzard added.

“According to the budget, the federal government intends to preserve a baseline of funding related to these agreements so that affordability is preserved, with details to be defined this year,” CHF Canada stated in its news release.

“Existing funding programs are ending in large numbers, and CHF Canada has called on the federal government to recommit long term support starting in budget 2017 in order to protect affordability for low-income households.”

Related stories:
Ontario hints at measures to cool real estate market in the budget
Liberal budget released: These are the housing related promises

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