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Oct 5: Vancity Brings Affordable Housing...

Vancity Enterprises Helps to Bring New Affordable Housing Units to Burnaby

Vancouver, October 5, 2000 - Ground was broken today at Stride Place, a $6.4 million development that will provide affordable housing for low-to-middle income families and persons with disabilities in Burnaby.

"At Vancity Enterprises, our goal is to improve the quality of life in the Lower Mainland by undertaking socially responsible real estate development projects," said Vancity Enterprises CEO Dale McClanaghan. "Individuals with disabilities often have lower incomes and need access to affordable housing options. Working with the Burnaby Association for the Mentally Handicapped (BAMH), Vancity Enterprises has helped to create 45 affordable units that will meet that need."

In partnership with the BAMH, Vancity Enterprises won approval for a 45-unit condominium project in Burnaby. Stride Place is located in a residential neighbourhood, and will include children's play facilities, greenspace, as well as underground parking and bicycle storage. Townhouse units will consist of one-, two-, three- and four-bedroom units.

The land purchase for the project was completed in 1997, after which Vancity Enterprises undertook a cleanup of petroleum contamination on the site. B.C. Housing, a provincial agency, is providing construction funding of $6.4 million for the project. The land is owned by Provincial Rental Housing Corporation, which will lease it to the BAMH for 60 years.

Vancity Enterprise Ltd., a wholly owned subsidiary of Vancity Credit Union established in 1989, has a mandate to undertake real estate developments and investments in residential and commercial projects to achieve both social and business objectives. Vancity Enterprises' key activities include:

  • purchasing land;
  • rezoning;
  • constructing housing projects
  • identifying opportunities for new housing; and,
  • financing of housing projects.

Vancity is Canada's largest credit union, with $6.4 billion in assets, 263,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.