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.
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.