The federal government is giving co-operative housing providers millions in funding to ease rental costs, pledging relief for a sector that has sought to find new ways to provide help to tenants.
The $118.2 million over seven years is the second phase of funding for providers whose federal housing agreements expired before April 2016.
Housing Minister Ahmed Hussen says non-profits and co-operative housing providers had asked for extra help to after temporary funding ran out.
The money is expected to help co-operative housing providers support low-income tenants in 18,000 units by reducing their monthly payments.
Tim Ross, executive director of the Co-operative Housing Federation of Canada, says the new round of funding creates long-term support for providers to assist households who otherwise wouldn’t be able to afford their rent.
He also says the funding unveiled today will work in tandem with efforts by providers to secure new mortgages on their properties at vastly lower rates than the ones the federal government once charged them.
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