Co-op Share Purchase Supplement
Last updated on September 20, 2024Overview
A supplement may be provided to assist recipients of income assistance or disability assistance with the cost of purchasing shares in a co-operative housing corporation.
This supplement is available under the Employment and Assistance Regulation and Employment and Assistance for Persons with Disabilities Regulation.
Policy
Eligibility
Effective: December 1, 2003
To enable a family receiving income assistance or disability assistance to obtain residential accommodation, a supplement may be provided to the family unit for the purchase of membership shares in a co-operative housing corporation.
A lump sum up to the amount shown in Rate Table - General Supplements & Programs – Co-op Housing Share Purchase Supplement may be paid only if both of the following apply:
- the family unit has received disability assistance or income assistance for at least the three previous calendar months
- the recipient agrees in writing to repay the lump sum
Exceptions
Effective: December 1, 2003
Recipients of hardship assistance are not eligible for a co-op share purchase supplement.
A co-op share purchase supplement is not to be issued where a recipient is renting a co-operative housing unit, as shares are not being purchased in rental situations.
Repayment
Effective: December 1, 2003
Effective December 2, 1998, repayment of the co-op share purchase supplement can be delayed until the recipient moves from the co-op or the case is closed, whichever comes first. Recipients may choose either immediate repayment or delay repayment.
Recipients who received a co-op share purchase supplement prior to December 2, 1998, may choose to delay further repayment or to continue with their existing repayment agreements. [For more information about recoveries, see Related Links – Recoveries]
Procedures
Processing a Co-op Share Purchase Supplement Request
Effective: July 29, 2013
To process a request for a co-op share purchase supplement, run the assisted eligibility tool.
- Inform the recipient that a co-op share purchase supplement is repayable when they move from the co-op or when the case is closed.
- If the recipient chooses immediate monthly repayment, complete a Repayment Agreement - Acknowledgement of Debt (HR2663A) form [see Forms and Letters]. In the case of a couple, both the key player and spouse must sign the Repayment Agreement/ Acknowledgement of Debt form (HR2663A). However, if circumstances beyond the control of either recipient prevent both from signing the HR2663A, one signature from either the key player or spouse is sufficient to complete the form.
- If the recipient chooses delayed repayment, complete a Promise to Pay Co-op Housing Shares (HR2782) form [see Forms and Letters]. In the case of a couple, both the key player and spouse must sign the Promise to Pay Co-op Housing Shares form (HR2782). However, if circumstances beyond the control of either recipient prevent both from signing the HR2782, one signature from either the key player or spouse is sufficient to complete the form.
- Record the recipient’s debt.
- When a recipient who chooses delayed repayment moves from the co-op or the case is closed, complete the HR2663A to recover the unpaid debt balance through a monthly payment reduction.
[For more information on repayment agreements, see Related Links – Recoveries – Policy – Repayment Agreements – Repayable Benefits by Deduction from Ongoing Assistance.]
[For more information on promise to repay, see Related Links – Recoveries – Policy – Promise to Repay – Recovery of Repayable Benefits at a Future Date.]
[For more information on methods of payment, see Related Links – Individual Case Management].