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.
104 families from 58 co-ops have received interest free loans - the
average loan is over $790 and the range is from $159 to $1255. The
total loans are over $82,000.
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 counseling to help them
deal with their financial difficulties.
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
