The Refinancing & Renewal Program sees co-op clients of all sorts. CHF BC staff work with co-ops without operating agreements, and co-ops with agreements made under a variety of federal and provincial programs. Section 61, Section 95, ILM and BC Housing co-ops have all made use of our services.
"We started our building envelope project in 2004. After ten years we asked CHF BC for help. We recently signed the documents for our Vancity loan and we're ready to go to tender. It never would have happened without the CHF BC AMP!"
- Sarjit, Pioneer Co-op (spring 2015)
We also work with small co-ops with fewer than 20 units, and co-ops with more than ten times that number of units -- the largest in the province. Most of our clients are located in Metro Vancouver or Vancouver Island, but we serve co-ops throughout BC.
Cameo Co-op is located on Vancouver Island in View Royal. Its operating agreement ended in 2015 and the co-op spent a lot of time preparing. The co-op engaged members on issues around continuing support for low-income households (even after government subsidy ceased) and how to approach the future. Preparing a long-term plan, based on a building condition assessment commissioned by the co-op was an important part of the process.
One of the largest and oldest co-ops on Vancouver Island is Marigold Co-op, a co-op functioning under a Section 61 operating agreement. Even before the operating agreement was scheduled to end, the co-op found itself needing to undertake a major roofing project. The co-op, armed with a CHF BC asset management plan, obtained financing (second mortgage) from Vancity Credit Union and approval from CMHC.
Pioneer Co-op was ending its Section 95 operating agreement and facing the need for a major renovation of its building envelopes and other components. CHF BC worked with the co-op to develop a plan, and assisted in discussions with Vancity which resulted in a new first mortgage to allow the co-op to carry out necessary repairs.
Kailasa Co-op is a small co-op in the last few years of its operating agreement. It was one of the first co-ops in the province to seek assistance from CHF BC to obtain a building envelope study and develop an asset management plan.
Some clients have sought full engineering studies and asset management plans, and others have benefited from less comprehensive services (*).
The materials on the website give an overview of the long-term planing services, but we're happy to answer any questions you might have. We offer sessions for individual or small groups of co-ops, sometimes in person and sometimes using Skype and other technologies. Please contact Emily Rude, Asset Management Program Co-ordinator for details.
The asset management planning team includes several CHF BC staff members:
CHF BC developed its Refinancing and Renewal Program to serve its members, but other organizations contribute to the program's success. We have partnered with an engineering firm to be able to deliver technical reports, and we have a great supporter in CHF Canada (which aims to provide similar services to co-ops in other parts of the Country. Vancity offers loans and financial services to its members and understands the value of the asset management planning service that CHF BC offers.
Co-ops interested in making an application to the Program may find the following documents useful.
Other documents and websites of general interest on planning issue: