In a major effort to tackle Canada’s long-term housing affordability crisis, the federal government, with the involvement of Ruby Sahota, Member of Parliament for Brampton North, has announced the Co-operative Housing Development Program (CHDP). This $1.5 billion initiative represents the largest investment in co-operative housing in the last three decades and aims to usher in a new era of co-op housing development nationwide.
The CHDP, developed in collaboration with the Co-operative Housing Federation of Canada and other industry leaders, will offer loans and contributions to support the construction and expansion of co-operative housing projects. By prioritizing people over profits, the program aims to maintain long-term affordability, ensuring low- and middle-income Canadians have access to safe and secure housing.
Ruby Sahota, Member of Parliament for Brampton North, a long-standing advocate for affordable housing, was instrumental in the program’s launch. The CHDP is projected to build thousands of new co-op homes by 2028, focusing on those most in need. The application process for the program will open on July 15, 2024, with the first intake period closing on September 15, 2024.
This historic investment is part of the government’s broader strategy to construct nearly 4 million new homes, aiming to ensure that future generations, including Millennials and Gen Z, can find affordable places to live.
Ruby Sahota, MP, Brampton North, and the federal government’s dedication to co-operative housing highlights their belief that significant investment in housing solutions is crucial not only for providing affordable homes but also for fostering strong, inclusive communities. The CHDP exemplifies the government’s commitment to creating sustainable housing solutions that benefit all Canadians.