Marco Di Nizio, Planning Associate provided an overview of the Increasing Opportunities for New Housing Co-operatives (Co-ops) in Mississauga initiative and explained co-op housing ownership and management; government funding and interest in expanding funding; current co-op stock units; distribution of co-op housing, benefits of co-op housing, feedback from Peel Halton Cooperative Housing Federation (PHCHF), and proposed city actions to support new housing cooperatives.
In response to Councillor Horneck's enquiry regarding whether there is a model where there would have units available for sale that would fund the co-op units, Paulina Mikicich, Manager, Planning Innovations, advised that staff can explore opportunities to device a program, and explained a mixed use development model that exists in Toronto.
Councillor Dasko noted that he would like to be consulted before any decisions are made with respect to potential co-operative housing developments at 1 Port Street in Ward 1.
Councillor Butt, spoke in support of co-op housing and provided background on the Federal Housing Program that funded co-op housing in the country approximately 35 to 40 years ago, and that many still exist that now have equity to build new co-op developments, and encouraged Council support this initiative.
In response to Councillor Damerla's enquiry regarding tax break options, Paulina Mikicich, Manager, Planning Innovations, advised that staff will be include tax break option ion a subsequent report.