Hamilton residents purchase apartment building to preserve affordable housing

Описание: A group of tenants is celebrating today after successfully purchasing an apartment building and establishing a new non-profit housing co-op that will preserve affordable rent for residents.

The tenant-led initiative, called Caroline Co-op, was formed last year when tenants learned their landlord was planning to sell the building. Fearing rent hikes if the complex was bought by an investment company, the residents sprang into action.

Emily Power, president of Caroline Co-op, said, "This is a big day—we’re so relieved and so happy. This was a very long journey, and we didn’t know if we could pull it off; it was a long shot."

Dreams do come true—at least for the tenants of 272 Caroline Street South, who have now taken over management of the building.

“We were nervous that an investment company would purchase the building and initiate rent hikes and ‘renovictions.’ So we formed our tenant association and dreamed of fundraising to buy the building ourselves and convert it into a non-profit co-op,” Power explained.

But it didn’t come without challenges, according to Alex Borghesan, who has lived in the building for about six years.

“There were little moments when we slowed down and didn’t know if we were going to meet the deadline,” Alex says.

He adds that the journey has been rewarding and has strengthened relationships among tenants.

“We have board game nights in the building now. We know everyone; people on the street are aware of us, and we chat with them. We went from living on our own little islands to knowing everyone,” Alex shares.

In December 2022, the landlord listed the building for just over $500,000. By June this year, however, the building closed for $4.8 million. Power says they couldn’t afford the down payment and turned to the community, where they received help from various partners.

The co-op consists of 21 units and is home to young professionals, new immigrants, seniors, and single-parent households. Power says the main goal of preserving affordable rent has been achieved.

Emily Power says, “Rents range between $700 and $1,400–$1,500 a month, and we also have other subsidies available to further assist low-income households.”

The co-op plans to share their experience with other tenant associations in Hamilton by creating a case study report and a short documentary film, hoping to inspire others to pursue similar initiatives.