CHFT Home About CHFT CHFT Members About Co-operative Housing How to Apply Member Services Co-op Housing Bookstore Diversity Community Links

 

The Here to Stay Fund

When financial emergencies arise, many members of housing co-ops have little money set aside and nowhere to turn. To help co-op members cope with these emergencies without going into arrears and possibly losing their homes, the Co-operative Housing Federation of Toronto (CHFT) created The Here to Stay Fund in August 1999. The Here to Stay Fund provides – credit counselling, and loans for people who are one month in arrears. The Credit Counselling Service of Toronto offers counselling to everyone who approaches the Fund. To date over 130 people have received credit counselling. The Credit Counselling Service also determines whether a member qualifies for a loan. The loan is limited to one month’s housing charge although, in exceptional circumstances, a larger loan may be approved. When a loan is approved, the money goes directly to the co-op. This helps co-ops to keep arrears off their books. Also, because the amount of the loan is limited, the Fund encourages co-ops to deal with arrears quickly. Combining credit counselling with an interest free loan program has produced a strong fund that provides many options for its clients. Forty-one people have received loans - the average loan is $710. The total loans are over $29,000. Another 36 people qualified for loans, but found that they could resolve their arrears in other ways. People worked with the Credit Counselling Service to put together financial plans that would deal with their arrears without a loan. Other people did not qualify for loans - they were more than one month in arrears or they had no income to support a loan. They did, however, receive credit counselling to help them deal with their financial difficulties. The Fund helps to stabilize families. Over 90% of the people receiving loans, remain in the co-op for at least two years afterwards. The Here to Stay Fund is a project of the CHFT Charitable Fund. It does not receive money from any level government. In fact, it is the only rent bank in North America that operates without government assistance. When we started The Here to Stay Fund, we asked individuals and organizations for support. They have responded with generous donations.. Sponsoring organizations: Canadian Auto Workers The Co-operators Insurance Co-operative Housing Federation of Canada Co-operative Housing Federation of Toronto Credit Counselling Service of Toronto Metro Credit Union Prentice, Yates & Clark 24 hour housing information 416-465-1309 Email: info@coophousing.com .