Village Canadien Housing Co-op in Winnipeg announced today that it has secured a $9.3 million mortgage with Assiniboine Credit Union, allowing the co-op to repair and retrofit 150 homes for low and moderate income Manitobans originally built in 1976.

The new loan will be used by the co-op to repay its current 13.25% interest rate mortgage with Canada Mortgage and Housing Corporation (CMHC). Village Canadien is the first co-op to take advantage of a new federal program that allows CMHC mortgage prepayments without any penalty, which for Village Canadien would have been nearly $4 million, roughly equal to amount of principle outstanding on the mortgage!

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