return to list of questions) 7. How are housing co-ops funded?
• Few new housing co-ops have been developed in recent years due to a decrease in available funding. In the past, funding for new initiatives came from Canada Mortgage and Housing Corporation, provincial and municipal governments. • Co-ops often receive funding from the Canada Mortgage and Housing Corporation in the form of a subsidy amount based on the co-op’s mortgage. This money is used to make up the difference between a member’s rent-geared-to-income housing charge and the full housing charge. • Many Ontario co-ops that had been provincially funded are now the responsibility of their municipality. This means that the municipality is in charge of overseeing the co-op’s financial status.
