WHITBY FREE PRESS SUPPLEMENT, WEDNESDAY, OCTOBER 12, 1977, PAGE 3 to the National Housing Act in 1973 giving very preferential terms to continuing.co-ops, there have been several thousand units buit or acqu>red and renovated across Canada. There is one co-op in Oshawa, Cordova, and over tWenty in Metro Toronto. So, co-operative housing is flot a new experiment. It is an answer to the housing probiem of many low and moderate income fam ilies. tis an alterna- tive which is growiflg stronger ail the time through organizational efforts at ail levels. A national organization, the Co-operative Housing Founda- tion was established in 1970 by the co-operative efforts of the Canadian Labour Congress, the Co- operative Union of Canada and the United and Cathoiic Churches of Canada. Its efforts are com- piemented by several co-op resource groups at the regionai and local levels ail across Canada. FINANCING, or Whaf's it Going fo Cost? The 1973 federal legisiation provides the fotlowing preferential mortgage ternis: . an effective interest rate of 8 per cent instead of market rates of about il per cent. -a 10 per cent capital grant; co-ops pay back oniy 90c of every $1 borrowed - a 100 per oent mortgage (so that no downpay- ment is required> over 50 years The foliowing chart of 'monthiy interest ýýhérges illustrates these benefits in Athol Green's case. COMPARISON 0F MONTIILY INT1rEEôT'CHARGES Mortgage of $1 ,750,000 175,000) $19,575,000 (1,750,000- Interest rate of: 11% $328, per unit 8% $244 per unit $296 per unit $220 per unit FLOOR PLAN Iower levelupelee twobedroonwithStL..dYttwo jb, dir