Co-operative Housing Federation of Canada joins Toronto-based affordable housing land trust
In May 2020, Community Affordable Housing Solutions (CAHS) was incorporated as a federally registered not-for-profit corporation dedicated to creating new affordable housing options and innovative solutions.
In advance of National Housing Day (Nov. 22, 2020), the nonprofit is announcing that The Co-operative Housing Federation of Canada (CHF Canada) is joining CAHS to help diversify the organization’s affordable housing offerings.
“CHF Canada is excited to be a part of this promising initiative,” said Tom Clement, Board Member, CAHS and Executive Director, Co-operative Housing Federation of Toronto. “Co-operative housing is a proven and popular form of affordable housing. Co-operative housing also has a long history with land trusts and has grown in recent years thanks to their innovative work.”
In 2019, St. Clare’s Multifaith Housing Society (St. Clare’s) and Habitat for Humanity GTA (Habitat GTA) negotiated a $17 million contribution seeded by Toronto developers to launch an affordable housing land trust. The trust was initially created through a collaboration between Toronto developers Capital Developments and Metropia, the City of Toronto, Habitat GTA, St. Clare’s, and community group Build a Better Bloor Dufferin, in order to deliver community benefit from the new 2,200 unit development planned at Bloor & Dufferin.
This joint venture partnership brings together organizations representing different community housing models working towards a common goal of increasing affordable housing supply. The three organizations (CHF Canada, Habitat GTA, and St. Clare’s) will be permanent members of CAHS and have each appointed three representatives to the board of directors, who will steward the creation of a variety of strategic affordable housing initiatives.
“Since the land trust is focused on delivering more new affordable housing through innovative solutions, we are excited to bring co-op housing into the mix,” said Joshua Benard, Board Member, CAHS and VP, Real Estate Development, Habitat for Humanity GTA. “We are proud to welcome CHF Canada to CAHS so we can help more residents through a broad range of affordable housing options.”