A major Vancouver housing co-op is facing a half-million-dollar debt that is forcing it to significantly raise rents and offer fewer subsidized units to low-income people.
And the board that manages the 200-unit Lore Krill Co-op, which includes two buildings in the city’s Gastown and Chinatown neighbourhoods, is blaming a mix of inadequate funding and flawed agreements with the provincial government that set out how rents are calculated.
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“The last thing we need is for people who need housing to be forced to move out because they can’t afford the rent,” said Coco Culbertson, the treasurer of Lore Krill’s board.
The Krill has seen high maintenance costs, and the board argues the province’s housing agency, BC Housing, does not provide fair compensation.