Coquitlam co-ops saved after province contributes to $125 million deal

Just months after being on the edge of eviction, two Coquitlam co-ops near Coquitlam Centre are set to get a new lease on land.

On Thursday, the province pledged a maximum of $71 million to help non-profit developer Community Land Trust of B.C. buy and maintain the co-ops.

Besides marking the end of a long stretch of “fear and uncertainty,” Thursday’s announcement is the beginning of a celebration that 290 homes will be saved, stated Tri-Branch co-op president Jewels Cressman.

“Our hears are overflowing with gratitude for the tireless efforts of all those involved,” Cressman stated in a press release.

Located on the 2800-block of Packard Avenue, the Tri-Branch and Garden Court co-ops faced uncertain futures after the previous landowners moved to evict the tenants in 2023 following the expiration of both leases.

The two complexes owed more than $7 million in rent in 2023, according to reporting in the Vancouver Sun.

Following the lapsing of the leases, Coquitlam council put $5.8 million toward helping Community Land Trust buy the co-ops last fall.

Discussing the issue in 2023, Mayor Richard Stewart said he was “disgusted” the city had to open Coquitlam’s coffers to remedy the federal government’s mistake.

“The purpose of our Affordable Housing Reserve Fund is to build affordable housing not to rescue affordable housing from stupid government mistakes from 40 years ago,” Stewart said.

Both co-ops were built with federal funding in the 1980s. However, the money from Ottawa has since dried up and there was “no investment” from senior levels of government, Stewart said.

However, Stewart went from being disgusted with the feds to pleased with the province.

“Today’s funding announcement means that 290 households who love their home will be able to stay in our community,” Stewart stated in a release.

The province’s contribution is funded through B.C.’s rental protection fund.

That fund is designed to: “defend people’s homes against profit=seeking speculators like big real estate investment corporations, and preserve safe, secure and affordable homes for generations,” stated Premier David Eby stated in a press release.

Rent at the co-ops is set at no more than 30 percent of residents’ incomes.

About 21 percent of the co-op tenants have a gross annual household income of less than $30,000. On the other end of the income spectrum, 18 percent of tenants earn between $80,000 and $100,000 and 12 percent earn more than $100,000 annually, according to a previous presentation from Community Land Trust.

The buildings are in need of about $14.5 million in repairs.