Up to 300 low-income co-op households will benefit from the BC government’s $2 million in assistance to make their homes more affordable. This funding will bridge the shortfall resulting from expired federal operating agreements.
The provincial funding is intended to support co-ops whose federal operating agreements expired prior to April 1, 2016, and who are not eligible to receive an extension from the federal government. The funding will be administered by the Co-operative Housing Federation of BC.
Eligible co-ops can apply to the Co-operative Housing Federation of BC to receive financial assistance to ensure housing remains affordable for their low-income members. This assistance helps to ensure low-income co-op members do not pay more than 30% of their income towards housing. Assistance is estimated to be an average of $300 per month per member/household.