Hoy Creek Housing Co-op in BC to redevelop with Land Trust, adding hundreds of units
Members of Hoy Creek Housing Co-op in Coquitlam, BC have taken a big step toward a bright future for their co-op, in partnership with the Community Land Trust Foundation of BC, CHF BC and Vancity Savings Credit Union.
With the help of these partners, the co-op has secured its land and is ready to redevelop, adding hundreds of badly needed affordable homes to the community.
Hoy Creek has been struggling to redevelop condemned buildings and units since 2009 while trying to keep the co-op financially viable and affordable. Their partnership with the Community Land Trust will offer the security that members have been looking for, ensuring that they are not displaced while approximately 300 new affordable homes are added to the site and protected forever.
“We should all be very proud of this endeavor to establish more affordable housing in the heart of this beautiful city of Coquitlam. The co-op’s members can breathe a little easier knowing that we can all see the light at the end of the tunnel,” said Remus Herman, president of Hoy Creek’s board of directors.
“We are very proud to be working with the board and members of Hoy Creek on this exciting initiative,” said Thom Armstrong, executive director of CHF BC and the Community Land Trust. “Hoy Creek is now perfectly positioned to respond to the needs of its members and the broader community by building more affordable new homes than anyone could have imagined.”
“CHF Canada congratulates Hoy Creek, CHF BC and the Land Trust on this exciting announcement,” said CHF Canada Director, Sector Development Karla Skoutajan. “We hope to see this type of initiative copied by other co-ops seeking to leverage their real estate assets to better serve members and to grow. We cheer this impressive news and will do all we can to support and encourage similar efforts.”