Social housing deal struck for Olympic Village
The city of Vancouver appears to have come to a partial solution to the social housing problem at the former Olympic Athletes Village.
A deal has been reached with the Co-operative Housing Federation of B.C. to oversee and operate the rental of 84 of the 252 units at the False Creek condo development, now called Millennium, CBC has learned.
The province rejected three social service agency proposals in September, after which the city vowed to tackle the task itself. CHFBC's earlier proposal was among those rejected by the province.
It's possible the agency could also act as property manager of the other 168 units earmarked for social housing, according to city councillor Geoff Meggs.
The units have been sitting empty since spring, when the city took back control of the development from the Vancouver Olympic Organizing committee.
The Vancouver government was forced to take over the $1 billion cost of building the Olympic Village after the original investors backed out during the financial crisis.
It has since been struggling to find buyers for several hundred other condominiums in the project, which critics have said are priced well above market rates.