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Coquitlam co-op has a future with redevelopment announcement

The future of the Hoy Creek Housing Co-op in Coquitlam appears a little brighter after the society that manages the property announced Friday plans to redevelop the site.

The future of the Hoy Creek Housing Co-op in Coquitlam appears a little brighter after the society that manages the property announced Friday plans to redevelop the site. 

According to a press release, the co-op has entered into an agreement with the Co-operative Housing Federation of BC (CHFBC), the Community Land Trust Foundation and Vancity Savings Credit Union to add 300 new affordable housing units to the site. The announcement also stated that protections will be put in place to ensure that current residents are not displaced during the redevelopment process. 

"We should all be very proud of this endeavour to establish more affordable housing in the heart of this beautiful city of Coquitlam," said Remus Herman, the president of the co-op's board of directors. "The co-op's members can breathe a little easier knowing that we can all see the light at the end of the tunnel."

The Hoy Creek Housing Co-op has struggled for the last few years after bad plumbing and leaky condo rot made 60 townhouse units on the site uninhabitable. 

Rent from the 97 units that still exist in two apartment buildings on the site was not enough to cover the society's debt to the Canadian Mortgage and Housing Corporation (CMHC) and the property went into a court-appointed receiver process earlier this year. 

According to CHFBC, the Supreme Court of Canada discharged the limited receivership that was put in place "in response to Canada Mortgage and Housing Corporation's efforts to take control of the co-op's assets and redevelop the site. This clears the way for the co-op to take charge of its own destiny in a new and innovative partnership with the Community Land Trust."

In June, many residents feared they were about to be evicted when they were told that CMHC housing subsidies would no longer be available to them. But the co-op was given a reprieve until September 2018 after they struck an agreement with CHFBC, which agreed to fund the subsidies until a longer term solution could be found. 

Plans to rebuild the site have been in the works since as early as 2009 and discussions still need to take place between the society and the city for the new development. 

According to a press release, the municipal permitting process is expected to take place in the next year and the groundbreaking is expected to occur in 2019. 

"Everyone understands the need for more affordable housing in Coquitlam and the entire Tri-City area," said Thom Armstrong, the executive director for 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."

gmckenna@tricitynews.com

@gmckennaTC