Chelsea, Québec, June 6, 2025 – The Village Chelsea ownership cooperative housing project has been unveiled today. The first of its kind in the region, this groundbreaking initiative will offer affordable coop-ownership housing for first-time buyers. Presales of the units have just begun, and potential buyers are invited to express their interest.

The Village Chelsea cooperative is being created through an innovative collaboration between real estate developer Cargo, the Fédération intercoopérative en habitation de l’Ouest du Québec (Outaouais Intercooperative Housing Federation; FIHAB), the Fondation pour le développement de l’habitation coopérative au Québec (Foundation for the Development of Cooperative Housing in Québec) and PRIMAccès, a $90 million fund managed by Fondaction Asset Management and financed equally by Fondaction and the Québec government.

The project will be developed in Chelsea’s Quartier Meredith, a unique living environment where urban activity meets outdoor attractions. It will comprise 40 units spread across two three-storey buildings featuring modern architecture. The development will include residential housing, local shops, an elementary school, a cultural and sports centre, and green spaces.

The cooperative will offer one- and two-bedroom homes. One of the buildings will house a common room to encourage co-op members to participate in community life.

The Village Chelsea cooperative has been built with a wooden structure and FSC certified exterior wood cladding. It aims to achieve LEED certification and reduce its carbon footprint, thereby ensuring high environmental performance.

An innovative and cooperative model, the first of its kind in the region

The ownership cooperative operates according to a model established by the Fondation pour le développement de l’habitation coopérative au Québec. It provides access to home ownership at a cost that is at least 25% lower than comparable market prices, while offering residents a healthy and safe living environment. This has been achieved through an innovative approach to the dismemberment of the right of ownership, whereby a non-profit organization (in this case, the Fondation) owns the land and grants the cooperative the right to use it. The latter owns the building and sells a right of usufruct to members on an individual basis. When the time comes to sell their unit, members get back their capital plus 40% of the capital gain.

Presales of the units have begun, and interested people can find all the details and renderings on the project’s website at Village Chelsea.

Quotes

“After Sherbrooke, Waterville and Drummondville, it’s now Chelsea’s turn to benefit from the creation of housing units protected from real estate speculation with PRIMAccès. This project once again demonstrates that innovative solutions to housing challenges can be implemented through close collaboration with strong partners. We are continuing to roll out this cutting-edge model in other regions of Québec, thereby enabling first-time buyers to become homeowners.” 

Marc-André Binette, Vice-President and General Manager of Fondaction Asset Management

“This co-ownership project will enable households to become homeowners at an affordable price, thus freeing up housing for other families on the rental market. This innovative initiative shows that accessible and inclusive housing solutions can be achieved when multiple partners work together. This is yet another tool to ensure that all Quebecers have a roof over their heads that meets their needs.” 

France-Élaine Duranceau, Québec Minister Responsible for Housing

“This project perfectly embodies our commitment at Cargo: to leverage our real estate expertise to support meaningful initiatives that positively transform our communities. By collaborating with strong, dedicated partners, we are helping to create a sustainable, affordable and people-centered homeownership model.”

Daniel Sévigny, Partner and Managing Director, Cargo

“The Village Chelsea Co-op is a major project for the cooperative movement. This is the first housing cooperative in Chelsea and our first ownership cooperative in the Outaouais region. This project will enable members to purchase their homes at an affordable price and live in a supportive, democratic community. We are excited to be working on this project.”

Raphaël Déry, Managing Director, FIHAB & Loge IC Technical Resource Group

“Owning a home is a dream for many families, but it can also be challenging. The Fondation pour le développement de l’habitation coopérative au Québec is committed to tackling this challenge by creating an ecosystem of housing innovations based on cooperative values. The Village Chelsea cooperative is a unique, forward-thinking and affordable project designed for the middle class and driven by cooperative experience. Living here means choosing a wonderful experience in an ideal setting for home ownership.”

Clévis Cabrera, General Manager of the Fondation pour le développement de l’habitation coopérative au Québec

‍

About Fondaction Asset Management

Fondaction Asset Management (FAM) is an impact-driven manager that creates and delivers innovative, high-performance financial solutions to solve major environmental and social issues, generating competitive returns.

As a subsidiary of Fondaction, FAM channels large-scale capital into high-potential impact sectors, accelerating the profound and sustainable transformation of the economy. FAM currently manages fund platforms in areas such as energy transition, natural capital protection, environmental markets, and the circular economy.

For more information, please visit fondactionassetmanagement.ca or follow us on LinkedIn.

About Fondaction

A forerunner for over 25 years, Fondaction is the investment fund for individuals and companies that are mobilizing for the positive transformation of Québec’s economy, making it fairer, more inclusive, greener and more performant. As a labour-sponsored fund created at the initiative of the CSN, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages more than $3.99B in net assets, as at November 30, 2024, invested largely in hundreds of businesses and on the financial markets, prioritizing investments that generate positive economic, social and environmental spinoffs in addition to a financial return. Fondaction helps maintain and create jobs, reduce inequalities and combat climate change. For more information, visit fondaction.com or our LinkedIn page.  

About the Société d’habitation du Québec

As a leader in housing, the Société d’habitation du Québec’s mission is to meet the housing needs of Quebecers through its expertise and services to citizens. It does this by providing affordable and low-rental housing and offering a range of assistance programs to support the construction, renovation and adaptation of homes, and access to homeownership.

To find out more about its activities, visit www.habitation.gouv.qc.ca/english.

Follow us on Facebook, X and LinkedIn.

About Cargo

Innovate, build, inspire. At Cargo, we transform real estate into a source of lasting impact, combining social purpose with sustainable development. As a local real estate investment group specializing in multifamily residential development, we create projects that meet the needs of our communities. Cargo is a proud partner in this innovative initiative for the Outaouais region.

About the Loge IC Technical Resource Group

The Loge-IC Technical Resource Group is a real estate cooperative affiliated with the Fédération intercoopérative en habitation de l’Outaouais (Outaouais Intercooperative Housing Federation; FIHAB). This group’s expertise has made it possible to build the vast majority of housing cooperatives in the Outaouais region and to carry out several non-profit housing projects in the area since 1981.

About the Fédération intercoopérative en habitation de l’Ouest du Québec

The Fédération intercoopérative en habitation de l’Ouest du Québec (FIHAB)’s mission is to bring its members together, represent them and support them by offering guidance and a space for the education and promotion of the cooperative model, its principles and its values, based on the needs and aspirations of its members. More than 75% of housing cooperatives in the Outaouais region have joined the movement to make our voice heard among our partners, whether in the political, business or community sectors.

In addition to acting as a spokesperson for housing cooperatives before political institutions, the FIHAB also promotes the sharing of experiences and management practices among cooperatives by organizing discussions on topics such as selection, maintenance, member participation and governance. It raises awareness of cooperatives by organizing events to rally support and promote the cooperative model.

The FIHAB sets the standard for excellence in cooperation, property management, and neighborhood and village development throughout the Outaouais region.

About the Fondation pour le développement de l’habitation coopérative au Québec

The Fondation pour le développement de l’habitation coopérative au Québec was created in 2011 by the Confédération Québécoise des Coopératives d’Habitation (Québec Confederation of Housing Cooperatives). This innovative model aims to address household debt and home ownership issues.

The foundation’s mission is to support and encourage the development of cooperative housing that provides members with access to affordable individual home ownership and savings. To this end, it may, in particular:

● Assist cooperatives and their members in the implementation and financing of cooperative housing projects other than rental housing;

● Acquire real estate sites dedicated to the development of such cooperative projects;

● Bring together various financial and governmental partners interested in developing housing formulas that promote access to home ownership and savings.

To find out more about our completed projects, visit https://www.fondscap.ca/.

‍