The Agency sent the notice below to all its clients on Thursday, March 26, 2020.
While this new reality lasts, your co-op will need to keep things moving as much as possible. The situation is evolving every day, but here is what we know now.
We encourage our co-op housing
The Agency sent the notice below to all its clients on Friday, March 27, 2020.
Circumstances in Canada are changing from day to day, as the COVID-19 pandemic makes itself felt throughout our lives. For this reason, CMHC has made three decisions that affect housing co-ops.
FCHI-2 is the new rental-assistance program for federally administered co-ops and non-profits, announced as part of the federal government’s National Housing Strategy. With all of Canada battling to slow the spread of COVID-19, CMHC has delayed its launch of the new program to September 1, 2020
CMHC has provided the Agency with the 2020 utility allowances.
Over the next few years, many housing co-operatives will see their operating agreement come to an end. This event could mean a new beginning for your co-op. You can enjoy a bright future without an operating agreement—provided you play your cards right.
Perhaps your co-op’s future includes major
We spoke to two property management companies on either side of the country to find out how they have adjusted their work with clients during COVID-19.
In operation since 1984, COHO Management Services Society serves 92 clients and over 5,600 co‑operative homes in British Columbia. When COHO closed
You can never get back the money you lose when a unit stands empty. Whenever a member gives notice, it’s important to get the word out, which is usually the responsibility of the manager. As soon as a prospect gets in touch, your co-op needs to follow up promptly. Otherwise, they will go elsewhere.
Your co-operative is in the housing business, not the lending business. It has bills to pay and a building to keep up. You should keep this in mind when members don’t pay on time.
If a household doesn’t pay what it owes and moves out, the co-operative is left with a bad debt, which will have to be
8% of Agency clients have board members in arrears. Good work, especially in a COVID year. In 2007, 28% reported director arrears.