CHAG chairwoman Rev. Elizabeth Frazer signs a partnership agreement with the Northern Credit Union and Caisse Populaire as director of community development Leah Pierce looks on.
CHAG chairwoman Rev. Elizabeth Frazer signs a partnership agreement with the Northern Credit Union and Caisse Populaire as director of community development Leah Pierce looks on. ____________________________________________________________
A program to increase the stock of affordable housing in North Bay received a boost Friday with two financial institutions kicking $78,000 into a down payment pool.
Nipissing District Community Homeownership Action Group held a news conference to announce Northern Credit Unit had provided a loan of $40,000 and Caisse Populaire $38,000.
The CHAG program involves helping low income families purchase modestly priced homes in need of renovation by providing the down payment, and also bringing together volunteers to help fix up the houses.
A natural fit The houses will be formed into cooperatives.
“This is a social issue for us and we’re here to benefit the community. We think this is one of the greatest programs we’ve seen in a long time,” said Mike Imbeau, Eastern Region area manager for Northern Credit Union.
Norm St. Amour, general manager of the Caisse Populaire, in North Bay, said the CHAG program fits in with his organization’s mission statement.
“We believe in stimulating economic development and also educating our members about what the cooperative is all about,” St. Amour said.
“So CHAG being a housing cooperative is a natural fit for us and the credit union because all of us are cooperatives, operated for and by the members.”
Going to get those houses St. Amour said the types of houses CHAG would end up purchasing will likely be in the $50,000 range.
Leah Pierce, CHAG’s manager of community development, concedes the housing market in North Bay is very hot and expensive now. But she believes the houses CHAG will be looking for “are out there.”
“And now with the Caisse and the credit union as our partners, we’re going to make those offers and we’re going to get those houses,” Pierce said.
Revitalize neighbourhoods So far 10 families have been approved to participate, having passed the selection criteria.
“They have to show they’ve been able to pay the rent and that they’ve also bought into the whole cooperative spirit”, Pierce said.
“They have to attend the workshops on family budgeting and home maintenance, so they can save money, or don’t have to call the plumber or the electrician, and do some of the simple stuff themselves.”
Pierce says the CHAG program will do more than just provide affordable housing.
“We believe this will revitalize neighborhoods, bring people back into being active in the community, and have them relying on each other, so low wage earners can own their own homes while being responsible,” Pierce said.
CHAG plans to buy and renovate 50 homes over the next five years.
