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Here to Stay Fund

Here to Stay Fund. Created by the Co-operative Housing Federation of Toronto (CHFT) In August 1999 Tom Clement Executive Director, Co-operative Housing Federation of Toronto. Here to Stay Fund. Created as an eviction prevention tool Helps people with financial emergencies

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Here to Stay Fund

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  1. Here to Stay Fund Created by the Co-operative Housing Federation of Toronto (CHFT) In August 1999 Tom Clement Executive Director, Co-operative Housing Federation of Toronto

  2. Here to Stay Fund • Created as an eviction prevention tool • Helps people with financial emergencies • When people have nowhere to turn • Prevents people from going into arrears and possibly losing their homes

  3. Here to Stay Fund Fund provides: • Credit counseling • A variety of strategies for dealing with arrears • Loans for people in one or two months arrears

  4. Here to Stay Fund • Credit Counseling Service of Toronto offers • credit counseling to everyone who approaches the fund

  5. Here to Stay Fund • To date over 200 people have received credit • Counseling • Credit counseling also determines when • someone qualifies for a loan

  6. Here to Stay Fund • When a loan is approved the money goes directly to co-op • Also helps co-ops by keeping the arrears off the books • Encourages co-op to deal with arrears quickly

  7. Here to Stay Fund • 73 families from 40 co-ops have received • interest free loans • Loans average $750 • Loans range in size from $159 to $1,255 • Total loans $56,000

  8. Here to Stay Fund • Some people did not qualify for loan • because they were too far in arrears • Had no ability to pay back loan • Refused to deal with other debt

  9. Here to Stay Fund • Total Loans average about $8000 per year • Fund stabilizes families • Over 90% of the people who receive loans • remain in their co-op

  10. Here to Stay Fund • The value added part of the fund is the credit • counseling • 44 people found ways of resolving arrears in other ways

  11. Here to Stay Fund • People received money from government funds • People went on debt repayment plans • Others were able to put together plans with their co-ops

  12. Here to Stay Fund • Losses to the fund are replaced by fundraising. • This allows the Fund to be innovative by not being dependent on government funds.

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