The B.C. government, the City of Burnaby and the Community Land Trust have reached a deal to preserve 425 units of co-operative housing at risk of sale for redevelopment.
The deal involves two properties: a pair of towers at 9380-9390 Cardston Ct. with 244 units, and a tower at 4221 Mayberry St. with 181 units.
The properties were both owned by the International Union of Operating Engineers (IUOE) Local 115 Pension Plan; the Cardston towers’ lease expired last fall and the Mayberry property’s lease was due to expire this fall.
The situation raised concerns among the co-ops’ residents, many who are seniors on fixed incomes, that the properties could have been sold for redevelopment, leaving them unable to find homes at an affordable price.
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Under the agreement, the province says BC Housing is providing the non-profit Community Land Trust with $132.6-million in financing through the HousingHub to purchase the co-ops, including $22.5 million for renovations and closing costs.
The City of Burnaby is putting up an additional $29.8 million, and will take ownership of the Mayberry Street property and lease it back to the CLT for a “nominal fee” for 60 years.
The 115 Place Co-operative Housing Association, which has leased the Cardston Court towers from the IUOE since the 1980s, will continue to manage the property. Likewise, the Post 83 Co-operative Housing Association will continue to manage the Mayberry property.