COQUITLAM, BC, June 25, 2024 /CNW/ - Residents in Coquitlam are moving into 132 new affordable homes as construction finishes on part of the redevelopment of Hoy Creek Housing Co-op. The federal, provincial, and municipal governments contributed over $25 million towards the project.

Located at 2905 Glen Drive, the original co-operative was built in 1981 and included 97 apartments across two buildings, and 60 townhomes. The townhomes were demolished after becoming uninhabitable due to mould, rot, and old plumbing. In 2017, the Community Land Trust Foundation of B.C. acquired the property, and, in partnership with the federal government, through the Canada Mortgage and Housing Corporation, BC Housing, and the City of Coquitlam, have built the new six-storey rental building.

The new building features a mix of studio, one-, two- and three-bedroom apartments for people with low to moderate incomes. Amenities include in-suite laundry and a playground for resident use. Hoy Creek Housing Co-operative, in the heart of Coquitlam City Centre, is located a 10-minute walk from Lincoln SkyTrain station, as well as many other community services and amenities.

The Community Land Trust Foundation of B.C. will operate the new homes in partnership with the Hoy Creek Housing Co-operative.

Funding provided for this project is as follows:

• $8.2 million from the federal government, through the Affordable Housing Fund.
• $14 million from the provincial government, through Building BC: Community Housing Fund.
• $560,000 as an annual subsidy from BC Housing on a 60-year agreement to support ongoing operations, including maintenance and repairs.
• $3.3 million grant from the City of Coquitlam through the Affordable Housing Reserve Fund.
• The land for the project, valued at approximate $15.5 million, from Community Land Trust.

"Our government believes that all Canadians deserve a safe place to call home. We are working with our partners to continue to build affordable housing across the country. Through this collaboration, we are helping to ensure that all people living in Coquitlam have safe and affordable housing that enables them to thrive." – Ron McKinnon, Member of Parliament for Coquitlam—Port Coquitlam on behalf of The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities 

"People and families now have access to new affordable homes in the community where they have put down roots and built a life. Our Homes for People plan is taking action so there will continue to be a supply of quality, affordable homes for individuals and families in Coquitlam, so people aren't forced to move away from the communities they call home to find affordable housing."  – The Honourable Ravi Kahlon, Minister of Housing for the Province of British Columbia

"Our government is working hard to ensure people have stable, affordable housing into the future. These 132 homes will help families in Coquitlam-Burke Mountain affected by affordability challenges." – Fin Donnelly, MLA for Coquitlam-Burke Mountain

"Through our Housing Affordability Strategy, Coquitlam has supported an unprecedented number of non-market rental homes in our community, including over 130 homes in the Hoy Creek Co-operative Housing project. The City is proud to have contributed $3.3 million towards this vital housing project from our Affordable Housing Reserve Fund, which underscores our commitment to providing affordable and accessible housing in our community. I am excited to see the opening of the first phase of Hoy Creek Co-Operative Housing – a milestone made possible through collaboration of all levels of government."  – Richard Stewart, Mayor, City of Coquitlam

"The beauty of our non-profit model is that takes the skills of our real estate development and management professionals and focuses them on supporting Co-operatives to advocate for and create inclusive communities, like Hoy Creek, that members are proud to call home." –Tiffany Duzita, Executive Director of Community Land Trust

• The Affordable Housing Fund is part of Canada's National Housing Strategy (NHS), NHS is an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
• As of March 2024, the federal government has committed $50.97 billion to support the creation of over 146,000 units and the repair of over 286,000 units These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• The Affordable Housing Fund (AHF), previously the National Housing Co-Investment Fund (NHCF), provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $13.2 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
  • As of December 31, 2023, the Government of Canada has committed over $8.17 billion to support the creation of over 32,000 units and the repair of over 155,000 units through the Affordable Housing Fund.
  • As of December 31, 2023, the Government of Canada has committed over $42.99 billion to support the creation of almost 135,000 units and the repair of over 270,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• These homes are part of a $19 billion housing investment by the B.C. government. This is the largest housing investment in British Columbia's history. Since 2017, the Province has nearly 80,000 new homes that have been delivered or are underway, including more than 1,000 homes in the Tri-Cities area.

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
• A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC.
• To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/.
• To learn more about the Community Land Trust, visit https://www.chf.bc.ca/community-land-trust/

SOURCE Canada Mortgage and Housing Corporation (CMHC)