The City of Burnaby, in partnership with the Community Land Trust of BC (CLT) and BC Housing, have reached an historic agreement to preserve 425 units of co-op housing for seniors and low-income residents in Burnaby.
BC Housing provided approximately $132.6 million, including $22.5 million for renovations and closing costs, to the CLT to finance the purchase of three co-operative housing buildings located at 9380 and 9390 Cardston Crt. and 4221 Mayberry St. The City contributed $29.8 million towards the purchase and, as per the details of the partnership, will own the Mayberry Street property and will lease it to the CLT for nominal fee for 60 years.
“Co-op housing plays an essential role in the housing mix in our community, and the City of Burnaby is proud to be part of this partnership that will ensure the residents in these buildings feel secure in their homes,” said Mayor Mike Hurley. “Most of the 26 housing co-operatives in Burnaby are now older housing stock, and one of our priorities is to encourage the development of new projects as well as the renewal of existing co-op housing.”
Post 83 Co-operative Housing Association and 115 Place Co-operative Housing Association will continue to manage the buildings, as they have since 1980.
The three buildings were previously owned by the Operating Engineers’ Pension Plan.