Save the Co-op - CHF BC

On July 5th CHF BC's representative Darren Kitchen was finally able to make it out to the co-op to review our progress to-date and plan for the future.

Unfortunately, Darren pointed out that CMHC was wrong about the mortgage and we could not extend it. We discussed the value of the land and options for remortgaging it for the money to repair the building, or more drastic actions like selling it and relocating the entire co-op. None of these were ideal, but we wanted to review all our options.

After reviewing our financial options setting up a 2nd mortgage through VanCity with a 50-year amortization sounds like the best option. We may even be able to start before our 1st mortgage is paid off by arranging for lower payments until the 1st mortgage is done. However it is done, the bank will need a financial plan that indicates our long-term viability. Co-op unit rents will also go up.

Moving forward the plan is for us to contact Terra Housing for quotes on roofing work and other necessary work to let us survive long enough to pay off our mortgage. Then we can get a lump sum with our 2nd mortgage and, hopefully, be able to do a full remediation.