It’s been a challenging two years for the residents of Post 83 and 115 Place, who have been living under a cloud of uncertainty as they waited to hear whether their buildings would be sold to a private investor. CHF BC has been working hard to ensure that wouldn’t happen and, today, we are thrilled to share that these homes are secure for current and future residents.
“We simply couldn’t allow that to happen,” said Thom Armstrong, CEO of CHF BC. “The members of these co-ops have lived in fear for the last two years, and now they can enjoy the security of tenure that co-ops have always promised. It’s a great day for the co-op housing movement – we’ve saved 425 co-op homes in two very vibrant communities.”
In the $162.4-million deal, the Community Land Trust of BC (CLT) has purchased the two properties at 9380/9390 Cardston Court and 4221 Mayberry Street from the International Union of Operating Engineers’ (IUOE) pension plan. The City of Burnaby provided an unprecedented $29.75-million grant, while the provincial government financed the balance of the purchase – $132.6 million – through its HousingHub program. The financing includes $20.5 million for capital improvements in the co-ops’ buildings. Burnaby will own the 4221 Mayberry Street property and lease it to CLT for a nominal fee for 60 years.