Bank on it
A neighbour mentioned last week having benefited from a short-term loan from the six-month-old rent bank launched in Vancouver last fall by the Network of Inner City Community Services (NICCS) with $150,000 from the Streetohome Foundation and support from the city and the Vancouver Foundation. A medical issue temporarily disrupted the normal flow of income, and some temporary cash was needed during the healing period to ensure stable housing.
Amanda Pollicino, manager of the rent bank on behalf of NICCS, says the story is typical of the 82 loans the rent bank has approved since October 2012. Of the original fund, $78,645 has been disbursed in 82 interest-free loans, supporting housing for approximately 125 people.
Approximately half the loans were to people over the age of 55, a group Pollicino said has emerged as particularly vulnerable. Too young to collect Old Age Security, many often lack the savings to see them through a disruption in work.
Pollicino noted that the average loan is in the range of $1,000, consistent with Canada Mortgage and Housing Corp.’s data for east-side apartments but $200 more than what NICSS originally expected to loan.
Suburban density
While some seek help with stable housing, Coquitlam is celebrating a number of projects adjacent to the planned Evergreen transit line and on Burke Mountain.
A month ago, an excavator race between Bosa Properties Inc. CEO Colin Bosa and Coquitlam mayor Richard Stewart marked the launched of the 193-unit Evergreen tower. Then, at the beginning of April, Stewart was again on hand as Kelowna’s Mission Group launched sales for its 74-unit Secret Ridge community of paired executive homes in Burke Mountain’s Foothills neighbourhood and just down the street from where Mosaic Homes is developing Riley, a 91-unit rowhome project.
The projects are the latest in a spate of construction that is creating a relatively dense suburban community in Coquitlam anchored by rapid transit. Polygon Homes Ltd., also active in the Foothills area, is pursuing Thomas House, a 72-unit project within its exclusive Windsor Gate development. Meanwhile, Cressey Development Corp. is developing the final of three towers at its Metropolitan Residences complex adjacent to the Evergreen’s Lincoln station. It will be the tallest tower in Coquitlam when it is completed in 2016, rounding out the 682-unit development.
Solar powered
Public company filings are great places for finding obscure and arcane information.
During a recent foray into SEDAR to find out what happened to one-time solar power darling Day4 Energy Inc., a press release turned up revealing that the company now known as 0944460 B.C. Ltd. is engaged in real estate development and property management.
Sam Parrotta, chief financial officer of Onni Development Corp., was appointed CEO of the numbered company last November. The same press release announcing that appointment also reports deals with Onni 7771 Alderbridge A-Holdings Ltd., Onni 7731 Alderbridge A-Holdings Ltd., and RMG Westwood Street Holdings Ltd. that gave 0944460 stakes in limited partnerships “that hold certain real estate assets” for approximately $4.75 million.
Parrotta did not respond to requests for comment last week, but Day4’s shift into the world of real estate promises a sunnier future for the company.
The names of the two companies with Alderbridge monikers tie them to properties in the vicinity of the speedskating oval in Richmond, rising areas near the Canada rapid transit line and Richmond’s downtown core.
The release voiced a desire to build a portfolio of desirable assets. It stated that “the timing for the commencement and completion of real estate development projects ... will be dependent on a number of factors, including but not limited to general market conditions and availability of financing.” •
