People moving into 132 new affordable homes in Coquitlam
These homes replace 60 aging townhomes that were demolished, resulting in 72 net new affordable rental units in the community.
COQUITLAM, July 15, 2024 – Residents in Coquitlam, British Columbia, Canadahave begun moving into 132 new affordable homes as construction is finished on part of the redevelopment of Hoy Creek Housing Cooperative.
“People and families now have access to new affordable homes in the community where they have put down roots and built a life,” said Ravi Kahlon, Minister of Housing. “Our Homes for People plan is taking action so there will continue to be a supply of quality, affordable homes for individuals and families in Coquitlam, so people aren’t forced to move away from the communities they call home to find affordable housing.”
These homes replace 60 aging townhomes that were demolished, resulting in 72 net new affordable rental units in the community. Located at 2905 Glen Dr., the cooperative was built in 1981 and originally included 97 apartment units within two buildings as well as 60 townhomes. The townhomes were demolished after they had become uninhabitable due to mould, rot and old plumbing. In 2021, the Community Land Trust Foundation of B.C. took over management of the property and, in partnership with BC Housing, a new six-storey rental building was built.
“Our government believes that all Canadians deserve a safe place to call home. We are working with our partners to continue to build affordable housing across the country,” said Ron McKinnon, MP for Coquitlam-Port Coquitlam on behalf of Sean Fraser, federal Minister of Housing, Infrastructure and Communities. “Through this collaboration, we are helping to ensure that all people living in Coquitlam have safe and affordable housing that enables them to thrive.”
The new building features a mix of studio, one-, two- and three-bedroom rental homes for people with low or middle incomes. Hoy Creek Housing Cooperative, in the heart of Coquitlam Town Centre, is a 10-minute walk from Lincoln SkyTrain station as well as many other community services and amenities.
The Community Land Trust [CLT] will operate the new homes in partnership with the Hoy Creek Housing Cooperative.
Rents are projected to range from CAN$ 500 to CAN$ 3,150 per month, depending on unit size and tenant income. There are 27 deep-subsidy units, 65 units with rent geared to income for people with low or moderate incomes, and 40 affordable market units for people with moderate incomes.
These homes are part of a CAN$ 19-billion housing investment by the B.C. government. This is the largest housing investment in British Columbia’s history. Since 2017, the Province has nearly 80,000 new homes that have been delivered or are underway, including more than 1,000 homes in the Tri-Cities area.
Fin Donnelly, MLA for Coquitlam-Burke Mountain said: “Our government is working hard to ensure people have stable, affordable housing into the future. These 132 homes will help families in Coquitlam-Burke Mountain affected by affordability challenges.”
Tiffany Duzita, executive director, Community Land Trust said: “The beauty of our non-profit model is that it takes the skills of our real estate development and management professionals and focuses them on supporting co-operatives to advocate for and create inclusive communities, like Hoy Creek, that members are proud to call home.”
Richard Stewart, mayor of Coquitlam said: “Through our Housing Affordability Strategy, Coquitlam has supported an unprecedented number of non-market rental homes in our community, including over 130 homes in the Hoy Creek Cooperative Housing project. The city is proud to have contributed CAN$ 3.3 million towards this vital housing project from our Affordable Housing Reserve Fund, which underscores our commitment to providing affordable and accessible housing in our community. I am excited to see the opening of the first phase of Hoy Creek Cooperative Housing, a milestone made possible through collaboration of all levels of government.”
Quick facts:
- The Province, through BC Housing, provided CAN$ 14 million in capital funding through the Building BC: Community Housing Fund, as well as an annual operating subsidy of CAN$ 562,556 for this project.
- The Canada Mortgage and Housing Corporation is contributing approximately CAN$ 8.2 million from the Affordable Housing Fund.
- The City of Coquitlam provided a CAN$ 3.3-million grant for the project through its Affordable Housing Reserve Fund.
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