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The provincial government funded the development of 14 more co-ops with 1,047 homes under the HOMES BC program. HOMES BC co-ops house a mix of low- and moderate-income members.
The first federal co-op housing program was in place from 1973 to 1978. The Section 61 (formerly 34.18) program offered co-ops a 50-year mortgage at a fixed interest rate (usually 8%) along with a 10% capital grant that was earned over time. Housing charges varied between members. Some members paid more than the break-even 'rents' so that other, low-income members, could pay less (i.e. housing charges geared to income).
The second federal co-op housing program was in place from 1979 to 1985. Canada Mortgage and Housing Corporation (CMHC) provided co-ops developed under the Section 95 (formerly 56.1) program a monthly subsidy to assist a minimum number of low-income members. The amount of subsidy available varied by co-op. The Section 95 program was the most successful in creating co-ops: more than 160 in BC were developed. (Many benefited from agreement extensions that running between 2016 and 2020.)
The third federal co-op housing program was in place from 1986 until 1992. It featured an innovative financing instrument known as the Index Linked Mortgage, a monthly mortgage subsidy from CMHC, and rent assistance for low-income members delivered by the province and cost-shared with CMHC for 30% to 50% of each co-op's households.