Housing Agreement Amendment Application by BC Housing and Polygon for Talistar Development at 3468 Ketcheson Court

The terms of the current Housing Agreement require that Polygon retain a non-profit organization (NPO) acceptable to the City to administer and manage all the LEMR homes. Polygon has advised staff that securing a single NPO to manage the high number of LEMR homes at Talistar has been challenging due to current market conditions and the limited pool of non-profits capable of managing larger-scale residential developments. It is understood that BC Housing is interested in purchasing all 156 LEMR homes and then selling a portion of the homes to an NPO. The NPO would be responsible for managing all the LEMR homes in accordance with an Operating Agreement with BC Housing. Should BC Housing not secure an NPO, BC Housing would own and manage all the LEMR homes.

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