The Company Rent and Affordability Benchmark (CRAB) Review Project has been in progress since December 2018. The consultation and review are now complete.
Feedback from member co-ops did not show broad support for any change to the current 25% affordability benchmark applied in the household rent model. Based on this feedback, at the board meeting on 24 November 2020, the Board decided that NO change to the Affordability Benchmark would occur without further consultation
The Board decided that CEHL will progress development of a replacement to the Company Rent Model, with an opportunity for member co-op feedback, at their meeting held on 8 December 2020.
The change to the Company Rent Model will be developed based on feedback provided within the workbooks co-ops completed in the consultation. This will allow for further flexibility in tasks for co-ops that wish to change from their current arrangement to a new arrangement. Further details will be provided early 2021.
Please note:
- The replacement Company Rent Model will provide the flexibility that co-ops are asking for
- Co-ops will be consulted on the draft model
- After the model is finalised, co-ops can choose to either opt-in to the replacement Company Rent Model or to stay with the current model
The Board and CEHL would like to thank everyone involved with the Advisory Group across the 18 months it operated. The work of the Company Rent and Affordability Benchmark Advisory Group (CRABAG) was bolstered by members from the Co-op Program Committee (CPC) after a number of members had resigned throughout the year.
A big thank you to co-ops that submitted feedback through the consultation. Over half of co-ops in the program (57 co-ops) provided detailed feedback in the CRABAG workbook which CRABAG and Co-op Program Committee considered a success.
The data and report provided to the Board will be available on the Company Rent and Affordability Benchmark Review Have Your Say page.
If you have any questions about the Company Rent and Affordability Benchmark Review, please contact your Co-op Development Coordinator.