Hundreds of people will be getting some provincial assistance to help make the rent.
Up to 300 low-income co-op households will benefit from the B.C. government’s $2 million in assistance to make their homes more affordable. This funding will bridge the shortfall resulting from expired federal operating agreements.
“The funding, which will be administered by the Co-operative Housing Federation of BC, will provide vital support for up to 300 low-income co-op members whose housing may be at risk,” said Suzanne Anton, MLA for Vancouver-Fraserview. “While this is outside our jurisdiction, the B.C. government has decided to step in and help low-income residents during this period of transition.”
The provincial funding is intended to support co-ops whose federal operating agreements expired prior to April 1, 2016, and who are not eligible to receive an extension from the federal government. There are 22 co-ops that fit this criteria.
Eligible co-ops can apply to the Co-operative Housing Federation of BC to receive financial assistance to ensure housing remains affordable for their low-income members. This assistance helps to ensure low-income co-op members do not pay more than 30 per cent of their income towards housing. Assistance is estimated to be an average of $300 per month per member/household.
“With federal operating agreements now expired, this provincial funding will help co-ops continue to provide affordable housing for their members,” said Vancouver-False Creek MLA Sam Sullivan.
“This will mean a great deal to hundreds of low-income co-op families and individuals whose housing charges are geared-to-income,” said Thom Armstrong, executive director, Coâ€operative Housing Federation of British Columbia. “We’d like to thank the B.C. government for recognizing the need to help the most vulnerable people in our co-op communities by making their homes more affordable.”