the time of building the co-op, interest rates were running at over 12 per cent and the co-op received an eight per cent fixed interest mortgage for a 60 year mortgage. Fortunately, after 40 years, Canada Mortgage and Housing Corporation (CMHC) allowed the FCCHA to buy out the mortgage without penalty and secure a more reasonable mortgage rate. The FCCHA is one of two housing co-ops in Vancouver based on a unique CMHC program in which higher income households pay into a subsidy pool to support lower income households, rather than relying on government housing supplements. Chris Whyte is the president of the FCCHA. His family has lived in the co-op since 1991, and over the years he has served in various roles and on various committees before being elected president in December 2022. He describes how the co-op is governed, and how that governance supports the co-op’s vision of building a community together that contributes to everyone’s wellbeing: “What is often not recognized is that many housing coops such as the FCCHA are, in fact, non-profit housing developers,” he explains. “They are responsible for planning, securing financing, overseeing project development, and addressing the operational and capital expenses associated with running and sustaining a non-profit social enterprise business.” “The way it works is members elect a board of directors. The board recommends the creation of standing committees – finance, membership, building maintenance, remediation task force, gardening, education, et cetera – and their terms of JANUARY 2024
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