Why Co-ops Are the Solution to Our Housing Crisis | The Walrus

"The first ten co-op townhouses were purchased with federal funds in 1979, as part of a federal program aimed specifically at supporting co-operative housing initiatives. This program, which ran from 1979 to 1985, was administered by the Canada Mortgage and Housing Corporation (CMHC) and provided financial assistance to such co-operatives in the form of monthly subsidies for low-income members. In the early 1980s, the Peterborough Co-operative expanded to a second location on Chamberlain Place."

"The co-op now has fifty-nine townhouse units-five two bedrooms, fifty-three three bedrooms, and one four bedroom-and it accepts applications from people at all economic levels. In 2024, rent for a three-bedroom apartment in the co-op was $828 a month, a very affordable price compared to the $1,687 for a much smaller one-bedroom apartment listed on kijiji.ca in the same city. Twenty of the townhouses in the complex have even more budget-friendly rates thanks to governmental subsidies for "geared to income" housing."

Peterborough Co-operative Homes began in the 1970s to address a local need for affordable housing. Tiny Budd and others partnered with local labour and community groups to plan a housing co-op. The first ten townhouses were purchased in 1979 using federal funds under a CMHC program that offered monthly subsidies for low-income members between 1979 and 1985. The co-op expanded in the early 1980s and now owns fifty-nine townhouse units of varied sizes. Many units have income-geared rents, with a three-bedroom costing $828 per month in 2024, and residents self-manage operations and decisions.

Read at The Walrus