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However, a lot of co-op members were living with a degree of uncertainty over whether their leases would be renewed, since a lot of leases first signed in the late 1970s and early ’80s were rapidly coming to an end.
Gracen Chungath, a director of operations for the city, said they made it clear that no co-op members were going to be displaced, but the city wanted to make sure housing was going to be renewed and would be financially sustainable.
The framework approved Thursday would allow for new leases where rents for higher-income co-op members would be set at 25 per cent of the median Vancouver renters’ income, or 15 per cent below average area rents, whichever is less. And it would allow the city to offer subsidies for lower-income, rent guaranteed income units in co-ops, based on the benchmark of 30 per cent of household income. Both will require annual income testing.