Following a rigorous selection process, BC Housing has announced the preferred candidates for two housing sites in Vancouver – New Chelsea Society for Stamps Place and the Bloom Group for Nicholson Tower.

Last fall, proposal calls were issued for the transfer of ownership and management of these two properties.

These actions will not affect tenants. There will be no change in rents as a result of these transfers, and the total number of units (598) will remain the same. The societies will also have long-term operating agreements that require them to maintain the housing for low and moderate income families, seniors and people with disabilities.

Net proceeds from the asset transfer program will be reinvested into the construction of new affordable housing projects or the repair and renovation of existing projects.

BC Housing and the two societies are finalizing operating agreements for the sites and are working to ensure a smooth handover for the buildings’ operations. The new operating agreements are expected to be completed in the next few months.

The asset transfer program recognizes the expertise of non-profit housing societies that have been delivering about 90% of social housing in British Columbia for more than 60 years.

The program is part of the provincial housing strategy, Housing Matters BC, that was updated in 2014. A goal of the strategy is to further strengthen the non-profit housing sector by transferring properties to non-profit housing providers, most of which already own and operate social housing buildings on lands they lease from the Province.

Non-profit housing societies have requested these types of transfers for a number of years because owning the land will help them to improve long-term planning and to secure the financing they need to be sustainable.

Quick Facts:

• New Chelsea was one of the first Legion housing societies to be organized in Canada, founded in 1952 by a joint venture of Branches of the Royal Canadian Legion in the Vancouver area. Today, they operate 19 properties in Vancouver, North Vancouver, Burnaby, Port Coquitlam and Surrey providing affordable housing to seniors, families and persons with disabilities. New Chelsea is familiar with housing a tenant mix similar to the community that exists at Stamps Place.
• The Bloom Group is an experienced provider of a range of social housing in Vancouver including emergency shelters and housing for the homeless, transitional and supported housing, independent social housing and two palliative care hospices. The society also has a significant focus on seniors and older adults aging in place.
• Since 2001, the B.C. government has invested $4.4 billion to provide affordable housing for low-income individuals, seniors and families. This year, nearly 102,000 B.C. households will benefit from provincial social housing programs and services.

Learn More:

Non-Profit Asset Transfer Program: www.bchousing.org/Initiatives/Housing_Matters/Asset_Transfer_Program

To learn more about the provincial housing strategy, Housing Matters BC and social housing visit: http://www.bchousing.org/