Page 3 - Directors manual final
P. 3
Introduction
Red Door Housing was initially formed as a Society to help people find rental accommoda-
tion in the Lower mainland. It was called The Rental Aid Society.
In 1986 the Society changed its name and focus and built its first Building under the new
name of Red Door Housing Society. Legend has it this name came from the color of the office
door where the Society was housed.
The first building was MiCasa which was built under the 56.1 program funded by CMHC.
MiCasa was a 22 unit townhouse style complex with 2 and 3 bedrooms.
The next 7 buildings were under the Federal Provincial program and the final 4 buildings
were under the Homes BC Program.
The 56.1 Operating Agreement expired when we paid out the mortgage in 2019.
The FP Programs are fully subsidized and funding is a 40-60 split with the Federal Govern-
ment and the Provincial Government. These will all be expired by 2027.
The Homes B.C. Agreements are 40% LEM (lower end of market) and 60% subsidized. (This
program is presently under review and a new contract may be offered to the Society)
The Homes B.C. program also have a repayable subsidy that accumulates as long as the Mar-
ket Rent is lower than the Economic Rent. Once the Market Rent exceeds the Economic Rent
the Repayable subsidy (loan) becomes due.
Building Repayable Subsidy
2019
Catherine Anne Court Not triggered yet
Cottonwood Park $507,000.00
Quayside $986,000.00
Reynard Park Not triggered yet
RDHS Directors Manual 3
