The Co-operative Housing Federation of Toronto has a fund to assist co-op housing members with short term arrears. The fund is called the Here to Stay Fund. It has helped over 200 people in the last seven years. The fund has also loaned out $115,000 in interest free loans.
Many of us have had temporary financial trouble. Sometimes all we need is a little help before things get out of hand. That is what this fund is designed to do. The fund is designed to help members with arrears of $500 or less.
Here is how it works:
The co-op or the member calls CHFT at (416) 465-8688, extension 204.
CHFT refers the member to the Credit Counselling Service of Toronto.
Credit Counselling sets up a meeting with the member to review the situation. They will look at all aspects of your financial situation and help you develop strategies to deal with it. Credit Counselling may recommend that the fund make a loan equal to one month’s housing charge. In certain circumstances a loan slightly higher than one month may be considered.
If the loan is approved, Credit Counselling arranges for the member to sign a promissory note and repayment agreement. This agreement sets out the details of the loan, such as how much will be repaid each month.
Once the documentation is in place, CHFT sends a cheque directly to the co-op.
Credit Counselling will collect the loan payments and send them to CHFT.
Failure to pay bank loan will result in debt being registered with credit bureau.
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 counseling, and
loans for people who are one month in arrears
The loan is limited to one month’s housing charge.
The Credit Counseling Service of Toronto offers counseling to
everyone who approaches the Fund.
To date over 200 people have received credit counseling. The
Credit Counseling Service also determines whether a member qualifies
for a loan.
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 counseling with an interest free loan program
has produced a strong fund that provides many options for its
clients.
Other families found that they could resolve their arrears in
other ways. People worked with the Credit Counseling Service to
put together financial plans that would deal with their arrears
without a loan.
These included:
people who received money from government funds
people who put together full debt repayment programs
including their arrears
people who went on a budgeting and money management program
people who put together repayment plans with their co-ops.
The Fund helps to stabilize families. Over 90%
of the people receiving loans, remain in their co-op for at least
two years afterwards.
The total loans average about $8,000 per year.
The Here to Stay Fund is a project of the CHFT
Charitable Fund. It does not receive money from any level of 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.
When you click on the link above, you will
be directed to the web site of CanadaHelps. This is a not-for-profit charity
portal and a registered public foundation that seeks to promote and facilitate
philanthropy through online giving.This organization provides secure method
of making on-line credit card donations and provides e-mail receipts for
income tax purpose. Contact information that you provide to CanadaHelps
will be forwarded to CHFT or you can choose to donate anonymously
