CMHC’s Rental Assistance Program (FCHI-2) has introduced a new requirement—submitting an Action Plan every three years. Co-ops are using these Action Plans to set goals that will improve their own long-term operational practices while helping to strengthen the co-op housing sector.
After working with our client co-ops on their Action Plans, we thought it would be useful to share some of the data we’ve gleaned from the almost 300 plans we’ve received to date.
Goals In Focus Areas
The Action Plan has five different focus areas where co-ops can set goals: governance, social inclusion, financial viability, asset management and sustainability. Here is the breakdown of the total number of goals we saw in each category:
|
Sustainability |
196 |
|
Financial Viability |
212 |
|
Governance |
335 |
|
Asset Management |
315 |
|
Social Inclusion |
221 |
|
Other |
10 |
On average, co-ops set about 10 goals for themselves in their Action Plans. Some ambitious clients chose as many as 44 objectives to guide them on their chosen path to improvement!
We’ve seen an incredible diversity of goals, ranging from creating a board-member training program to investigating a solar-panel installation on the roof.
Action Plan Resources
Every year, your co-op will be required to track its progress toward your goals by updating your plan and sharing it with the Agency. During the yearly update, you can change goals or add new ones as you see fit.
For co-ops that would welcome a little help when setting goals, the Agency has developed an online Self Assessment questionnaire that guides boards of directors through the various practices in co-op operations, identifies gaps and generates new ideas you’ll want to try out.
We’ve also developed an info sheet that contains some sample goals from each category to help spark your thinking.