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Jun 27, 2017 Return to Headlines

Habitat for Humanity to Provide Affordable Housing in Coquitlam

by Michelle Frilund |

COQUITLAM, BC, June 27 – Further to a Request for Expressions of Interest (RFEI) process, the City of Coquitlam has selected Habitat for Humanity of Greater Vancouver as the successful proponent to build affordable housing at 1358 Coast Meridian Road.

The development of this affordable housing site, through a partnership between the City and Habitat for Humanity Greater Vancouver, is a key action item in the implementation of the City’s Housing Affordability Strategy, which was adopted in December 2015.

The key objectives and desired outcomes for this affordable housing project include: 

  • Affordable units for low to moderate-income level households earning between 50-80% of Coquitlam’s annual median income;
  • Offer options for affordable home ownership;
  • Design elements that achieve a high level of accessibility for those with varying accessibility challenges; and if possible
  • Potentially benefit the City’s Affordable Housing Reserve Fund (AHRF).

The City received 13 proposals from eight proponents and selected Habitat for Humanity Greater Vancouver’s proposal to build affordable home ownership units for modest income families who are currently renting and would normally not qualify for a traditional mortgage. 

All of the 40-50 units at 1358 Coast Meridian Road will be suitable for families and meet the City’s affordability target for low-to-moderate household incomes ($35,000-$55,000 a year).

For all participating families, Habitat sets interest-free mortgage payments at a sliding scale, up to a maximum of 30% of household income, in order to ensure affordability.

As part of their commitment to Habitat for Humanity, participating families are required to volunteer 500 hours of “sweat equity” (e.g. helping at the Habitat for Humanity ReStore, assisting in fundraising or working on a Habitat housing project). Families are also required to attend workshops to help them learn about the responsibilities of home ownership. 

The next step in the process will be the preparation of a Memorandum of Understanding (MOU) for the partnership between the City and Habitat for Humanity of Greater Vancouver. The MOU will outline specific project details including the terms related to the property transfer, any AHRF contributions, maintenance, target population, etc. and will be subject to Council’s approval.

For more information on the City of Coquitlam’s Housing Affordability Strategy, visit www.coquitlam.ca/housing.

About Habitat for Humanity of Greater Vancouver
One of 56 Habitat for Humanity affiliates cross Canada, Habitat for Humanity Greater Vancouver works with deserving families to build safe and affordable housing. To learn more, visit www.habitatgv.ca

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Media contacts:

Habitat for Humanity
Dennis Coutts
CEO
Habitat for Humanity Greater Vancouver
dcoutts@habitatgv.ca

Stephani Baker
Director, Operations/Fund Development
Habitat for Humanity Greater Vancouver
604-681-5618
sbaker@habitatgv.ca

City of Coquitlam
Planning & Development

604-927-3430
planninganddevelopment@coquitlam.ca

 

Media Inquiries

Manager, Corporate Communications - Kathleen Vincent
Phone: 604-927-3019
Cell: 604-218-1319
Email: media@coquitlam.ca