We see the development of a national housing strategy as a very important step in the right direction, and we really welcome this progress. We therefore urge the finance committee to make sure that the housing strategy is turned into housing dollars in budget 2017. To build a more co-operative housing system for Canadians that balances the interests of people, planet, and profit, CHF Canada proposes three integrated initiatives.
Firstly, we need to start by protecting low-income households currently living in housing co-operatives. Our member co-ops are overwhelmingly dedicated to building inclusive, mixed-income housing communities, where low-income Canadians can own housing that is affordable, adequate, and suitable to their needs. But government funding that enables co-ops to house low-income Canadians has expired and will continue to sharply decline in the coming years. Without a renewed partnership, 20,000 low-income households living in housing co-operatives will face economic eviction and housing instability. We cannot let this happen. We therefore ask the finance committee to recommend budget 2017 commit to replacing expired operating subsidies with new, long-term funding so that low-income households living in housing co-operatives are protected.
Secondly, housing co-ops now have enormous potential to leverage their mixed-income revenue base, their surplus lands, and their strong equity position in order to attract new forms of investment. This leverage allows co-ops to modernize, to become more energy efficient, and to build new homes. This requires a policy and regulatory environment that supports this work. Thanks to some recent federal measures, co-ops have been able to leverage almost $100 million in new private credit union financing in just two short years. We've barely scratched the surface of our sector's ability to leverage new investment and we will continue to need a supportive policy and regulatory environment to keep going.
Our third proposal is simple. After decades of development and stewardship, Canada's housing co-operatives have demonstrated their durability in providing long-term, affordable housing for their members. We urge the finance committee to recommend that budget 2017 supports building new co-operative housing.
We believe that, if supported, these three recommendations, these specific measures, will bring relief to Canadians experiencing a serious housing crunch. Canadians are looking for answers. The federal government has unprecedented, popular support to make things happen, to act; and co-ops are ready to work with the federal government to build a housing system that works for all Canadians.
Thank you very much.