New agency to manage federal coop housing portfolio.Toronto -- A Co-operative Housing Programs Administration Agency will be set up in May. The new agency will provide portfolio management services or federally-administered co-operative housing by early 2006. The agency comes out of an agreement between the Canada Mortgage and Housing Corporation Canada Mortgage and Housing Corporation (CMHC) is a Canadian government agency. The agency is responsible for the housing industry in Canada. Its main duty is currently to ensure low cost mortgage loans are available to Canadians by providing insurance to lenders in case of (a federal government agency) and the Co-operative Housing Federation of Canada. The federation will complete research and development activities for the successful startup of the new agency. In early May the new Agency will sign a service agreement with CMHC CMHC community mental health center. . The agreement announced will affect the residents of approximately 790 federally administered co-operative housing projects--or 35,000 units--in Prince Edward Island Prince Edward Island, province (2001 pop. 135,294), 2,184 sq mi (5,657 sq km), E Canada, off N.B. and N.S. Geography One of the Maritime Provinces, Prince Edward Island lies in the Gulf of St. , Ontario, Alberta and British Columbia. CMHC spends approximately $60 million annually for the co-operative housing it currently administers in these provinces. Through the new agency the cooperative housing cooperative housing n. an arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. sector will take on a more active role in the administration of federal cooperative housing programs. Federally assisted co-operative housing is designed to provide modest, affordable housing to low and moderate-income households. Some residents pay housing charges geared to their income and others pay breakeven housing charges. The Co-operative Housing Federation of Canada is the umbrella organization for Canada's 2,200 housing co-operatives, with 90,000 households. Its membership also includes 20 regional federations of housing co-ops, and about 120 associated businesses. CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Canada provides a range of services to its members, including advocacy, training and adult education, and operates several group buying programs for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . 613-298-5464 |
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