On February 8, 2024, B.C. Premier David Eby announced the acquisition of 2 Coquitlam housing co-operatives by the Community Land Trust. The acquisition was made possible by the first investment of the Rental Protection Fund (RPF). Media coverage of the event was overwhelmingly positive.
🏢 The Community Land Trust acquired Tri-Branch and Garden Court Housing Co-operatives using funding from the Rental Protection Fund. This protects 290 affordable homes in perpetuity.
🏘️ Co-ops are an important model for affordable housing. They offer stable and community-oriented living.
👥 Partnerships between government, non-profit organizations, and property owners are crucial in preserving affordable housing.
📈 This is first of many announcements to come from the Rental Protection Fund.
“Co-ops are amazing places to live… it’s like winning the lottery when it comes to the housing crisis. It’s stable housing, it’s affordable housing, and it’s also built-in community.”B.C. Premier David Eby
“The importance of co-ops as one of the ways that we can respond to the housing crisis is a model of housing that works: multigenerational, people living together, finding a way forward. Delivering affordable housing is so important. Governments used to recognize that.”
Here are some links to media coverage of the announcement:
Two rare co-ops on private land have been saved from the prospect of redevelopment with a $71-million injection of cash to a non-profit trust entity operated by the Co-operative Housing Federation of BC.
The provincial government of British Columbia has protected 290 affordable homes in Coquitlam in its first acquisition using money from the Rental Protection Fund.
Katie Maslechko, CEO of the Rental Protection Fund, said the Coquitlam buildings are the first of many announcements to come for the agency.
Premier David Eby called it a “landmark acquisition” that will ensure 290 units remain affordable for renters.
Fund allows affordable-housing organizations to acquire buildings and offer units at below market rents
The Fund’s announcement marks the first acquisition and sets the stage for what’s to come through the use of strategic equity contributions to ensure housing security and attainability.
The B.C. government has stepped in to buy two Coquitlam co-ops, saving hundreds of rental units that would have been otherwise lost to a redevelopment.