City and Community Land Trust break ground on 140 new units of affordable co-op housing
Combined future developments in Fraser Lands River District will be western Canada's largest housing co-operative with 418 homes
"This is another example of what the City and the community housing sector can accomplish when we work together," said Thom Armstrong, executive director of CHF BC and the Community Land Trust.
Today, Mayor Gregor Robertson and Executive Director of Community Land Trust (CLT) Thom Armstrong, announced the ground breaking of 140 new units of affordable co-op housing through the Vancouver Affordable Housing Agency (VAHA).
More than 100 of the 140 homes are designed for families, including 65 two-bedroom apartments and townhomes and 37 three-bedroom apartments and townhomes.
Quote from the Mayor
"The 140 new affordable co-op homes in the River District will be a very welcome addition to Vancouver's supply of missing middle housing," said Mayor Gregor Robertson. "These new homes will be affordable for individuals and families bringing in between $41,000 and $125,000 annually, providing more long-term, affordable housing options for people who live and work in our city. Vancouver is leading the region when it comes to building rental housing and, once completed, the River District will be home to the single largest housing co-op in western Canada. "
About the homes
The new homes, located at 3183 and 3245 Pierview Crescent on a 99-year lease from the City of Vancouver in the East Fraser Lands River District neighbourhood, will be targeted to a wide range of households earning between $41,500 and $124,000 annually.
Thirty per cent of the homes will be reserved for households earning less than $68,000 annually.
The unit mix in the new development includes:
- 120 studio, one-bedroom, two-bedroom and three-bedroom apartments
- 20 two-bedroom and three-bedroom townhomes
Rents will start at:
- $1,038 a month for studios
- $1,200 for one-bedrooms
- $1,450 for two-bedrooms
- $1,700 a month for three-bedroom apartments or townhomes
The City, CLT, and VAHA are currently working together on 12 sites, which will deliver more than 1,500 affordable homes to residents of Vancouver.
The site at 3183 and 3245 Pierview Crescent is part of a portfolio of seven sites that were awarded to the CLT for development by the City in May 2018. This is the first one to break ground.
The partnership with CLT on these seven sites represents the largest one-time municipal land investment into the community housing sector in all of Canada and will result in the development of more than 1,000 new homes.
The value of the seven sites is approximately $130 million.
Quote from the executive director of CHF BC and the CLT
"This is another example of what the City and the community housing sector can accomplish when we work together," said Thom Armstrong, executive director of CHF BC and the Community Land Trust. "We look forward to leveraging the potential of the City's new affordable housing endowment fund to deliver even more permanently affordable homes for the citizens of Vancouver."
About the Community Land Trust
The Community Land Trust will design, build, finance, operate and maintain this site. It's expected the building will be complete within two years.
The CLT is a non-profit society established by the Co-operative Housing Federation of BC to acquire, hold and develop land for homes that are permanently affordable for a broad range of households and incomes.
Land held in the community land trust is removed from the market forever, ensuring that it will always create affordable places for people to call home.
The CLT is the largest community land trust delivering affordable housing in Western Canada and the most active community housing developer in the country. The CLT recently opened two buildings in Vancouver, delivering 273 new homes. An additional 220 homes are under construction and will open in early 2019.
VAHA is the largest developer of affordable housing in Vancouver, working with the City and partners to deliver 2,400 new units of affordable rental housing on 20 City-owned sites.