Since our launch in 2013, CHF Canada’s Asset Management Services has helped more than 80 housing co-ops with a wide range of projects and planning.
Some co-ops have been following asset management plans and are updating their plans for future years.
Many co-ops have used the whole suite of asset management services, beginning with a BCA and specialized studies, leading to an asset management plan and finishing with project management support.
CHF Canada has established a full set of services to help your co-ops restore buildings, reduce costs, improve the standard of living of members, and reduce carbon footprints.
The end of operating agreements is a challenge and an opportunity for housing co-ops. CHF Canada can help your co-op meet the challenge and take advantage of the opportunity.
Here are just a few examples of our work:
Ramsay Heights Housing Co-op
No. of units: 37
Project: Asset management plan, property appraisal, environmental assessment
Completed: May 2019
Location: Calgary, Alberta
In 2016, Ramsay Heights’ building condition assessment showed that one of its vital retaining walls would soon fail. Others needed replacement, as soon as the co-op could get the work done. “The engineers told us that the problem was inescapable and urgent. We had to act right away,” says Colin Tomlins, a long-time resident of Ramsay Heights currently serving his third term on the board.
CHF Canada’s Asset Management and Financial Planning Services helped the co-op prepare an asset management plan, and helped organize the property appraisal, environmental assessment and financial forecasts needed to approach Connect First. They advised the co-op on the terms and conditions of the mortgage, using the experience of the many other co-ops that have arranged credit union lending through CHF Canada.
CHF Canada’s Asset Management Services staff also helped the co-op tender for project management and with other post-funding tasks.
Colin Tomlins expects that the work will continue for a few years, as the walls are gradually replaced. “The new mortgage allows us to continue to implement modest increases in housing charges. Keeping our housing as affordable as possible is our main goal as a housing co-op.”
Dovercourt Housing Co-op
No. of units: 40
Project: Building condition assessment, Renovations
Completed: Autumn, 2017
Location: Ottawa, Ontario
Members of Dovercourt Housing Co-op in Ottawa’s west end knew their 32-year-old co-op needed some work done. But it wasn’t until they received an updated Building Condition Assessment that they realized how many issues had to be dealt with.
The 40-unit co-op had a retaining wall that resembled Niagara Falls and required immediate fixing. A number of kitchens and bathrooms were slated for improvements. And the co-op needed a repaint. That was just for starters.
The self-managed co-op needed help prioritizing and reached out to its local federation, CHASEO. CHASEO put the co-op in touch with CHF Canada’s David Spackman, Program Manager for Asset Management Services. David helped the co-op make sense of its BCA and arranged for project management of its exterior paint job.