Vancouver City Council adopted a report that will lead to long-term security of tenure for up to 50 housing co-ops on City land. The recommendations – which received unanimous support from Council – gave City staff the green light to negotiate lease extensions with seven co-ops. The new leases will require Council approval, and they will pave the way for co-ops to make significant repairs and building upgrades, refinance existing loans, and arrange more affordable lease payments. Once the first seven leases are renewed, Council will be asked to authorize staff to tackle the challenge of renegotiating all co-op leases based on the lessons learned from the first seven.
This is great news for Vancouver co-ops on leased land. New, longer-term arrangements with the City will lock in security of tenure, ongoing affordability and financial sustainability. And co-op members will no longer have to deal with the anxiety of not knowing what their collective future holds.
You can view the full report presented to council from City staff and CHF BC.