To All Members
There are significant changes coming to our Co-op. On July 31st 2017 Ford Road Housing Co-op will be reaching the end of its operating agreement with CMHC.
What 3 critical areas will this impact?
- Capital Reserve Fund – To pay for future repairs we will have to find and come up with the funds ourselves. No government support.
- Refinancing Our Mortgage – We currently have 3 mortgages in place and we will have to renegotiate them in time for August 2017.
- Our Investments – Currently the co-op is very restricted in what options we have for investing the co-op’s money. Once freed of CMHC, our co-op can now weigh many more options for our investments.
These questions must all be dealt with in time for our co-op to adapt to our new way of doing business without government supports, which begins on August 1st, 2017.
To meet this challenge the Board has approved the formation of the Transition 2017 Committee. This committee will work with the support of the Board to review all options available to us to insure the financial viability of our co-op beyond the end of our operating agreement.
We believe with our members’ support we together will meet this challenge and secure our co-op’s future well beyond 2017.
We are looking for enthusiastic volunteers who are willing to help us with these challenges and offer your input in guiding our co-op into its new business model.
This can be an exciting time for our co-op as the end of operating agreement means our co-op is free to choose our own destiny without any government body placing restrictions on us.
Are you ready to offer your help and guidance in insuring our co-op’s financial future? Are you the type of person who wants to make a difference?
If so, please contact Charles Sandor at 778 789-3007 or email@example.com
Once our members have replied we will organize an info session with our volunteers to provide details on this important project and the significant roles you will all play in our co-op’s future?
Chairperson – 2017 Transition Committee