June 7, 2024
The federal government’s new $1.5 billion Co-operative Housing Development Program, co-developed with the sector, aims to build thousands of new co-op homes by 2028. The first round of applications for co-op housing providers to access forgivable loans and/or low-interest repayable loans, is open from July to September, 2024.
This funding comes a month after the federal government added an additional $15-billion to the Apartment Construction Loan Program (ACLP), bringing that program’s total to $55-billion to boost the number of (largely market-rate) rental units across Canada. This program aims to finance the construction of some 130,000 new rental units by 2032.