B.C. non-profit societies becoming more entrepreneurial in developing housing
Kevin Griffin, Vancouver Sun
Non-profit housing societies throughout B.C. are finding that they’re having to shift gears and think like entrepreneurs to create more affordable housing.
Faced with the challenge of rising cost of real estate and uncertainty over future government support, non-profits are looking at projects that include developing land that they own and densifying existing properties, as well as starting social enterprises that generate extra revenue.
While they recognize that the pressure has to be maintained on making sure the public sector plays a role in supporting subsidized housing, they’re not waiting for the government to act.
David Eddy, chief executive officer at Vancouver Native Housing Society, which provides housing for urban aboriginal people, said non-profit societies such as his are having to think a little like entrepreneurs, but with a social conscience.
“It’s absolutely a new mindset,” Eddy said.
The new approach is in operation in a project between VNHS and Native Education College, a private educational college for aboriginal students. About 20 years ago, the college bought a property immediately to the west of its longhouse-style main building at 285 East 5th at Scotia. Located in a gentrifying area of east Vancouver, the site is now a parking lot plus a two-story low rise building that houses admissions to the college.
Dan Guinan, NEC president, said the college wanted to stay in the community and develop its first student housing. After looking at other options, including purchasing a building, Guinan realized it could develop its adjacent property with VNHS without it costing the college anything.
“It would be paid for by our contribution of the property and what we would get back is strata ownership of parking spaces — the first two floors for college use — and part of the third floor for student housing,” Guinan said.
Although the project is still subject to rezoning approval by the city, the proposal is to build an eight-story building with 64 units of affordable rentals at 15 per cent less than market rate, and bachelor suites for students.
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