COQUITLAM, BC (October 20, 2017) – The members of Hoy Creek Housing Co-op in Coquitlam have taken a big step toward a bright future for their co-op and for affordable housing in the Tri-City area.

In partnership with the Community Land Trust Foundation of BC, the Co-operative Housing Federation of BC (CHF BC), and Vancity Savings Credit Union, the Co-op has secured its land and is ready to redevelop a valuable property at Glen Drive and Johnson Street in Coquitlam to add hundreds of badly needed affordable homes to the community.

Earlier this week, the Supreme Court of BC discharged the Limited Receivership 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.

The partnership will offer the security that Hoy Creek 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 in the Community Land Trust.

Hoy Creek has been struggling to redevelop the condemned buildings and units since 2009 while trying to keep the co-op financially viable and affordable.

“On behalf of our members and residents, the Board of Directors would like to thank CHF BC, the Community Land Trust, Vancity, BC Housing, Miller Thomson LLP, Mayor Richard Stewart and MP Ron McKinnon for collaborating with us to secure a fresh start and a brighter future for Hoy Creek Housing Co-op,” said Remus Herman, president of the co-op’s Board of Directors.

“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.”

“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.  “Everyone understands the need for more affordable housing in Coquitlam and the entire Tri-City area.  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.”

Discussions will soon begin with the City of Coquitlam to develop new plans for the co-op’s redevelopment.  The municipal permitting process is expected to take place over the next year and groundbreaking on the redevelopment is anticipated in 2019.