Index-Linked-Mortgage (ILM) housing co-operatives are eligible to join the Rental Assistance Program (FCHI-2) as soon as their first mortgage has been repaid and federal assistance for operating expenses ends.
Something to be aware of is that in certain situations ILM cooperatives may receive two separate offers to join the program. We’ve outlined the process below and created an infographic that outlines the steps.
Your Co-op’s First Offer
When your co-op’s mortgage is paid out and federal assistance ends, CMHC will send you your first offer to join the Rental Assistance Program.
If your co-op receives rent supplements and these don’t end at the same time as your operating agreement, your co-op can still join Rental Assistance Program, but with some considerations.
The two programs have different rules that your co-op must meet. To understand what might work best for you, reach out to your relationship manager to discuss these requirements.
If your co-op is not currently receiving rent supplements, you can join the Rental Assistance Program without any concern.
Your Co-op’s Second Offer
When your co-op’s rent supplement agreement ends (if you have one), CMHC will send you your second offer to join the Rental Assistance Program. Your co-op should receive an enrollment package from CMHC about six months before the end of your agreement. Simply follow the instructions provided in the package to sign up.