Your Board of Directors is excited to share our first of what will become bi-weekly Board updates to Co-op members. We’re beginning this new form of communication in anticipation of the Co-op’s all-new web site which will launch in the next few months. The Board intends to maintain an ongoing presence on the new site as part of our efforts to keep our ever-growing membership in the know on all of the activities and decisions that your Board is involved in. Board Blog communications will be short, sweet and to the point!
Below Market Residential Units at Nelson Commons
As many of you have likely noticed, our Co-op is actively engaged in marketing the Nelson Commonsresidential units. Of course any support you can offer to this by helping spread the word is encouraged and certainly welcomed (Send your friends to our site! www.nelsoncommons.ca).
There have also been questions circulating in the community about the status of below market housing at Nelson Commons. I’m excited to share some updates on that.
Of the 54 units to be constructed, 3 of those units will be offered below market value. This is great news. These units are known as Restricted Resale units. Thanks to the generous support of Van City, ITC Construction Group, and the Kootenay Co-op, Nelson Commons is now able to offer three 1-bedroom units at $60,000 below market price. These units will be offered to buyers who will meet a certain financial criteria. These units will not be available for rent and would have to be owner-occupied. When the time comes for those buyers to resell, the resale price of the units will be restricted so that those units will continue to be sold below market. The Co-op is now working with Van City to develop that criteria and you can expect updates on this as part of upcoming Co-op communications.
Jon Steinman, Director
Next Board Blog Topic? Board President Abra Brynne explains our upcoming ‘Call for Directors’