Co-operative Home Ownership presentation HO COCN R2R .pdf
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A short presentation from the co-operative home ownership sector on the Community Wealth Non-profit development framework utilized by the non-profits Home Opportunities, Cohousing Options Canada and Roots to Roofs Community Development Society.
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Co-operative Home Ownership presentation HO COCN R2R .pdf
- 1. The Co-operative Home Ownership Sector (CHOS) WE KNOW IT IS A BIG PROBLEM AND WE HAVE A BIG SOLUTION
- 2. Home Ownership for everyone. We have developed a unique model, designed make home ownership available to everyone. Our focus is providing high-quality, cost-effective ownership opportunities, without any form of grant or subsidy from any level of government.
- 3. Construction Financing Cooperative Takeout Financing Community Wealth Community Wealth $28,800,000 $27,800,000 Purchaser Deposits $4,200,000 $5,200,000 Municipality $15,000,000 $0 Province IO Variable Payment $15,000,000 $30,000,000 Credit Union Variable Payment Here and above paid back when resold plus in- terest. We anticipate 3-5% resales every year. $9,000,000 $9,000,000 Credit Union Conventional Here and below paid back monthly. $18,000,000 $18,000,000 CMHC Co-investment Fund $60,000,000 $60,000,000 300 units $150,000,000 Bulk Mortgage Financing
- 4. Contractor Builds Homes Land Owner Purchasers’ Co-operative Purchasers’ Sustainable Condominium Temporary Non-Profit Architects Engineers Consultants Construction Funding Sources (Fund) Variable Payment (Loan Providers) CMHC & Conventional (Loan Providers) Key features: Back to what worked in Toronto
- 5. 520 sq. ft. 1 Bedrooms 48% paid on resale Innovative Scalable Financing
- 6. City of Toronto Support Provincial Support • Bulk lending CHMC • Bulk lending • Deferrals and bulk borrowing Asks FromOur Governments (Optional): Let us Work Together
- 7. Our Save to Own Program Qualifying Criteria • Carrying cost 32% of gross income • Minimum initial down payment $500 • Must have acceptable credit rating within 2 years • Member of a savings program with a designated financial institution (at least $100/month) • Potential for matching funds Rights and Responsibilities • Maintain the inside of your home • No special occupancy rules beyond city bylaws • Equity growth from day one subject to meeting the savings program commitment • Respect your building • Support your community Protections • Our commitment to make our purchasers successful • An emergency loan fund to deal with short term financial crises • Ability to increase mortgage payments early to soften interest rate increases • A loan fund to deal with the end of the mortgage term when the interest rate may change • Ability to pay off loans early if they wish
- 8. Community Wealth a multi-stakeholder Co-operative, how is it Governed? 0 to 4 members in a group = 1 CWF board member. 5 to 9 members in a group = 2 CWF board members. 10 + members in a group = 3 CWF board members.
- 9. Thank you for your time. Questions/Comments? Mike Labbé (416) 801-2086 mlabbe@homeopportunities.ca communitywealth.ca homeopportunities.ca Peter Camron (416) 801-2086 pcameron@ontario.coop communitywealth.ca https://ontario.coop/