More co-op housing could increase affordability in Mississauga: report [Video]

As affordable options dwindle, Mississauga is encouraging more co-operative housing.

Co-operative or co-op housing is defined as community housing owned by a non-profit corporation and controlled collectively by the member residents through a board of directors they elect from among themselves.

Co-op housing has been a reliable source of quality, affordable housing for low- and moderate-income individuals and families in Canada, a report to the Oct. 28 Planning and Development Committee states.

While the city typically doesn’t build the housing, it can assist co-op corporations in pursuing funding for redevelopment opportunities on existing sites or acquiring land for new co-op housing.

The city is exploring an opportunity for a co-op building as part of the Canada Lands Corporation development at 1 Port St. E., which is next to the $75 million project to develop the Port Credit Harbour. The Canada Lands Corporation project includes affordable housing, mixed-use residential and commercial space and a new public marina, according to their website.

Most non-profit …