OTTAWA — Housing Minister Sean Fraser has announced the launch of a $1.5-billion co-operative housing development program that the federal government promised in its 2022 budget.

Fraser is in Winnipeg today to announce the program, which is expected to build thousands of new homes by 2028.

The federal government says the program was co-designed with the Co-operative Housing Federation of Canada — which represents more than 900 co-ops across the country — as well as other leaders in the sector.

Co-op housing is managed by residents with no outside landlord and typically operates on a break-even basis.

The federal government says co-op providers will be able to apply for the first round of funding between July 15 and September 15.

The program, which will offer $1 billion in loans and $500 million in grants, will be administered by the Canada Mortgage and Housing Corp.

This report by The Canadian Press was first published June 6, 2024.

The Canadian Press