New partnership focused on co-op housing providers

Four key housing organizations from across Canada have formed a partnership that will help non-profit and co-operative housing providers meet long-term financing needs.

The four groups are the Housing Services Corporation (HSC), the Co-operative Housing Federation of Canada, the Co-operative Housing Federation of B.C. and the B.C. Non-Profit Housing Association.

Each has agreed on terms to expand the ownership of SHSC Financial (FI), which will offer housing providers new investment options for their capital reserves.

Under the new structure, HSC will retain 40% of FI’s issued and outstanding shares while the three new partners will each acquire 20% of the outstanding shares.

The expanded ownership of FI will likely be finalized on September 30, 2014, subject to regulatory approvals and closing conditions.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.