Housing Policy History: 1992

The termination of the federal co-op housing program in the Feb. 1992 budget means there are no funds at all for new units in 1992 or thereafter. Less than two months ago, in Dec. 1991, the minister responsible for CMHC, Elmer MacKay, had confirmed that the 1992 co-op budget would be $6.1 million, which would have sponsored about 2,000 new units and generated about 4,400 construction and manufacturing jobs. The co-op program provided an innovative form of tenure for low and moderate income households, a mix of owning and renting. The media and the housing industry focused on the plan to let RRSP holders use the funds for a down payment.

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