Last night (July 8) Vancouver City Council unanimously approved a framework to renew leases for more than 50 housing co-ops on City-owned land.
This is exceptionally good news for almost 4,000 co-op households who were becoming very anxious about their security of tenure and the prospect of maintaining safe, secure, affordable homes in mixed-income communities in one of the most expensive cities in the world.
The framework approved by Council will provide stable long-term leases for co-ops and opportunities for the City and co-ops to work together eventually to redevelop existing sites to add more co-op homes for the people of Vancouver. Lease costs will remain stable and affordable to co-op members, whose incomes are well below City of Vancouver averages (e.g. more than 70% of co-op households in one-bedroom homes have incomes less than $52,500 a year).
“We’re grateful to Mayor Kennedy Stewart and City Council for taking this important step to protect the security of co-op tenure on City land,” said Thom Armstrong, CEO of the Co-operative Housing Federation of BC. “I also want to express my appreciation for the very fine City of Vancouver and CHF BC staff teams, who worked tirelessly and with such commitment to craft the framework that so many co-op households will depend on for their long-term security. Thousands of low and moderate-income co-op households in Vancouver housing co-ops have been waiting for a signal that their leases will be renewed on fair and reasonable terms. This is a good day for Vancouver’s co-op housing community.”
Here is the City media release:
For more information, here are the minutes from the Council meeting:
And here are videos from the Council meetings, including presentations and public statements from Tuesday, July 7 and the Council decision on July 8:
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