February 20, 2006

NOTICE TO THE GREATER HOUSING CORPORATION BOARD OF DIRECTORS

You are requested to attend a Regular Meeting of the Greater Vancouver Housing Corporation Board of Directors to be held at 9:30 am on Friday, March 10, 2006 in the 2nd Floor Boardroom, 4330 Kingsway, , .

A G E N D A

1. ADOPTION OF THE AGENDA

1.1 March 10, 2006 Regular Meeting Agenda Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the agenda for the Greater Vancouver Housing Corporation Board of Directors regular meeting scheduled for March 10, 2006 as circulated.

2. ADOPTION OF THE MINUTES

2.1 February 17, 2006 Special Meeting Minutes Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the minutes of the Greater Vancouver Housing Corporation Board of Directors special meeting held February 17, 2006 as circulated.

2.2 November 25, 2005 Special Meeting Minutes Staff Recommendation: That the Greater Vancouver Housing Corporation Board of Directors adopt the minutes of the Greater Vancouver Housing Corporation Board of Directors special meeting held November 25, 2005 as circulated.

3. DELEGATIONS No delegations presented.

4. REPORTS FROM COMMITTEE OR STAFF

4.1 GVHC Board Orientation Designated Speaker: Don Littleford

4.2 2005 Vacancy Summary; Forecast 2006 Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the report dated January 20, 2006, titled “2005 Vacancy Summary; 2006 Forecast” for information.

4.3 Defamation Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the report dated February 24, 2006, titled “Defamation” for information.

5. INFORMATION ITEMS

5.1 GVHC Housing Portfolios Binder Designated Speaker: Don Littleford Staff Recommendation: That the GVHC Board of Directors receive the “GVHC Housing Portfolio Binder” for information. (on-table)

5.2 Manager’s Report (verbal) Designated Speaker: Don Littleford Recommendation: That the Committee receive the “Manager’s Report” for information.

6. OTHER BUSINESS No items presented.

7. RESOLUTION TO CLOSE MEETING No items presented.

8. ADJOURNMENT

4.2

Greater Vancouver Housing Corporation Tel. 604 432-6300 Fax 604 436-6960

GVHC Board Meeting Date: March 10, 2006

To: Greater Vancouver Housing Corporation Board of Directors

From: Don Littleford, Manager, Regional Housing

Date: January 20, 2006

Subject: 2005 Vacancy Summary; 2006 Forecast

Recommendation: That the GVHC Board of Directors receive the report dated January 20, 2006, titled “2005 Vacancy Summary; 2006 Forecast” for information.

1. PURPOSE

To summarize 2005 GVHC vacancy rates and forecast 2006 trends.

2. CONTEXT

2005 in Review: Vacancy statistics are presented to the GVHC Board at the end of each quarter. To understand the significance of the statistics, they are presented by management area, by portfolio and by municipality.

GVHC vacancies dropped progressively during the year (attachment 4) reflecting a focus on vacancy management as a top priority for the corporation. At the present time, average vacancy throughout the GVHC’s properties stands at about 1.5% which is under CMHC’s average of 2.4%, recently revised by CMHC in October to 2.7%.

70% of GVHC tenants pay “lower end of market” (or “LEM”) rents and the remaining 30% are subsidized to varying degrees under different programs to promote balanced affordable housing communities. LEM renters are essentially “market” renters who have other choices in the rental market. The GVHC must therefore compete with other landlords and a focus in 2005 was to improve the condition and visual appeal of the complexes as well as the GVHC’s reputation on maintenance response and quality of repairs. As well, property supervisors and staff went through Customer Service training early in the year to become more customer service oriented. These steps appear to be making a difference.

4th Quarter Vacancy by Portfolio: The GVHC’s housing complexes can be segregated into five different portfolios. A portfolio basically represents a specific partnership arrangement with a senior level of government. Each portfolio is characterized by either an operating agreement with Canada Mortgage and Housing Corporation (“CMHC” – which includes “Section 95” and Section “27” portfolios) or BC Housing Management Commission

(BCHMC). One portfolio, comprising two seniors complexes, is a partnership with both BCHMC/CMHC. Finally, the GVHC has several properties that are not under any operating agreement. Attachment 1 provides a summary of vacancy information by portfolio.

4th Quarter Vacancy by Municipality: Vacancy by municipality is shown in Attachment 2. GVHC rates currently compare favourably to CMHC statistics for all municipalities (attachments 3a-3d) with the exception of Vancouver.

4th Quarter Vacancy by Property Management Area: The GVHC has four property management areas, roughly dividing the region into 4 geographical quadrants: NW, NE, SW, and SE. Each area has one Property Supervisor responsible for all aspects of property management activities within that area. Attachments 3a-3d show vacancy in each area, and by municipalitiy in each area. Results for the 4th quarter are strong in all areas.

2006 Vacancy Prognosis: Despite higher levels of rental housing demand due to immigration and in-migration, the overall rental market remains balanced. On the supply side, thousands of condominiums are being built, and some of these find their way onto the rental market. As well, some existing rental units become available for rent as certain tenants make the jump and become first-time home buyers. All in all, the balance of supply and demand will likely result in a continued rental market with vacancies in the 2-3 percent range, on average throughout the GVRD region.

3. ALTERNATIVES

Not Applicable.

4. CONCLUSION

GVHC vacancy rates in the fourth quarter are low and reflect a steady decrease in 2005. The goal will now be to maintain these rates. Overall, vacancy in 2006 throughout the region should be in the range of 2 to 3 percent.

Attachments

Document: 4228630 Greater Vancouver Housing Corporation Attachment 1 4th Quarter Vacancies by Portfolio

Average Rentable Units Vacant 4th Ref. Portfolio Sponsor Total Units Quarter* Vacancy CMHC/BCHMC 121 2.67 2.21% 3 BCHMC 304 3.33 1.10% CMHC Section 27 566 6.67 1.18% 1 CMHC Section 95 2310 36.33 1.57% 2 GVHC 80 1 1.25% TOTALS: 3381 50 1.48%

1 DES: Hugh Bird 64 1 DES: Franklin 32 2 Regal Place 40 3 Claude Douglas 39 3556

1. Excluding DES: Hugh Bird, Franklin 2. Excluding DES: Regal Place 3. Claude Douglas is BCHMC * Excluding units shut down for water ingress or fire

004342589 1 Greater Vancouver Housing Corporation Attachment 2 3rd Quarter Vacancies by Municipality

Average 4th Quarter Vacant Average 4th Quarter Municipality Total Units Units Vacancy Port Moody 148 0.00 0.00% Vancouver (Tivoli) 151 0.00 0.00% North Vancouver 141 0.33 0.24% Port Coquitlam 315 1.67 0.53% Burnaby 248 2.00 0.81% Coquitlam 268 2.33 0.87% Richmond 636 8.00 1.26% Vancouver ** 508 7.00 1.38% Delta / Ladner 89 1.33 1.50% New Westminster 170 3.40 2.00% Maple Ridge 48 1.02 2.13% Surrey 659 20.75 3.15% 3381

** Excluding DES (Hugh Bird, Franklin) ** Excluding Contract Managed Units (Regal Place, Claude Douglas)

004341907 1 Attachment 3a

Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - South West Area

Vancouver (Tivoli 0.7% Gardens only) 0.00% 151 units

Richmond 1.26% 2.7% 636 units Average 4th Quarter Vacancy

Delta / Ladner 1.50% 89 units 5.7%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00%

CMHC 2005 Vacancy rate produced yearly in October

004341907 SOUTH WEST AREA Attachment 3a Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No. of October November December Average Area Program Complex No. Not Net Not Net Not Net % Municipality Units Vacancies Vacancies Vacancies Vacancies rentable Vacancies rentable Vacancies rentable Vacancies SW BCHMC Maplewood H404 26 0 0 0 0 0 0 0 0 0 0.00 0 Richmond SW BCHMC Odlinwood H403 48 1 0 1 0 0 0 0 0 0 0.33 Richmond 74 1 0 1 0 0 0 0 0 0 0.33 0.45%

SW CMHC/BCHMC Alderwood Place H302 48 3 0 3 3 0 3 2 0 2 2.67 Richmond SW CMHC/BCHMC Cedarwood Place H301 73 0 0 0 0 0 0 0 0 0 0.00 Richmond 121 3 0 3 3 0 3 2 0 2 2.67 2.20%

SW Section 27 Minato West H105 110 3 0 3 1 1 1 0 1 1.67 Richmond 110 3 0 3 1 0 1 1 0 1 1.67 1.52%

SW Section 95 Evergreen Downs H217 38 0 0 0 1 0 1 0 0 0 0.33 Delta SW Section 95 Lynden Court H225 51 1 0 1 1 0 1 1 0 1 1.00 Delta SW Section 95 Adelaide Court H211 68 4 0 4 3 0 3 0 0 0 2.33 Richmond SW Section 95 Knightsbridge I H227 80 1 1 0 2 2 0 1 1 0 0.00 Richmond SW Section 95 Knightsbridge II H238 80 0 0 0 1 0 1 1 0 1 0.67 Richmond SW Section 95 Maple Vine Court H223 82 1 0 1 0 0 0 0 0 0 0.33 Richmond SW Section 95 Moffatt Park H239 21 0 0 0 0 0 0 0 0 0 0.00 Richmond SW Section 95 Tivoli Gardens H208 151 0 0 0 0 0 0 0 0 0 0.00 Vancouver 571 7 1 6 8 2 6 3 1 2 4.67 0.82% TOTALS: 876 14 1 13 12 2 10 6 1 5 9.33 1.07%

Average 4th Quarter South West Vacancy = 1.07%

004341041 4 Attachment 3b Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - North West Area

Vancouver 0.7% 1.37% (excluding Tivoli Gardens) 459 units Average 4th Quarter Vacancy

North Vancouver 0.24% 0.6% 141 units

0.00% 0.50% 1.00% 1.50%

CMHC 2005 Vacancy rate produced yearly in October

004341907 NORTH WEST AREA Attachment 3b Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No. of October November December Average Area Program Complex No. Not Net Not Net Not Net % Municipality Units Vacancies Vacancies Vacancies Vacancies rentable Vacancies rentable Vacancies rentable Vacancies NW GVHC Investments Properties Manor House H502 50 1 0 1 0 0 0 0 0 0 0.33 North Vancouver 50 1 0 1 0 0 0 0 0 0 0.33 0.67%

NW Section 27 St. Andrews Place H106 15 0 0 0 0 0 0 0 0 0 0.00 North Vancouver NW Section 27 Earle Adams Village H111 105 1 0 1 2 0 2 1 0 1 1.33 Vancouver NW Section 27 Euclid Square H113 33 0 0 0 0 0 0 0 0 0 0.00 Vancouver NW Section 27 Grandview Gardens H109 20 0 0 0 0 0 0 0 0 0 0.00 Vancouver NW Section 27 Kelly Court H110 45 1 0 1 1 0 1 1 0 1 1.00 Vancouver NW Section 27 Semlin Terrace H107 36 3 2 1 2 0 2 2 2 0 1.00 Vancouver 254 5 2 3 5 0 5 4 2 2 3.33 1.31%

NW Section 95 Pinewood Place H243 50 0 0 0 0 0 0 0 0 0 0.00 North Vancouver NW Section 95 Walnut Gardens G233 26 0 0 0 0 0 0 0 0 0 0.00 North Vancouver NW Section 95 Ashdown Gardens H220 30 3 0 3 3 0 3 3 0 3 3.00 Vancouver NW Section 95 Habitat Villa H202 36 0 0 0 0 0 0 0 0 0 0.00 Vancouver NW Section 95 Heather Place H226 86 4 2 2 3 2 1 3 2 1 1.33 Vancouver NW Section 95 Hemlock Court H240 21 0 0 0 0 0 0 0 0 0 0.00 Vancouver NW Section 95 Strathearn Court H234 96 4 0 4 1 0 1 1 0 1 2.00 Vancouver 345 11 2 9 7 2 5 7 2 5 6.33 1.84% TOTALS: 600 16 5 12 12 2 10 11 4 7 9.67 1.61%

Average 4th Quarter North West Vacancy = 1.61%

Contract Managed Properties: Regal Place Hotel H503 40 Vancouver Claude Douglas H405 39

Downtown Eastside Properties: Hugh Bird Residence H250 64 9 0 9 10 0 10 15 0 0 6.33 9.90% Vancouver Franklin Residence H252 32 13 0 13 12 0 12 13 0 0 8.33 26.04% Vancouver

004341041 2 Attachment 3c Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - North East Area

Maple Ridge 2.13% 2.78% 48 units

Burnaby 0.81% 1.7% 248 units Average 4th Quarter Vacancy

Port Coquitlam 0.53% 3.7% 315 units

Port Moody 0.00% 3.7% 148 units

Coquitlam 0.87% 3.7% 268 units

0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%

CMHC 2005 Vacancy rate produced yearly in October

4341907 NORTH EAST AREA Attachment 3c Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No. of October November December Average Area Program Complex No. Not Net Not Net Not Net % Municipality Units Vacancies Vacancies Vacancies Vacancies rentable Vacancies rentable Vacancies rentable Vacancies NE BCHMC Chateau de Ville H401 86 0 0 0 1 0 1 0 0 0 0.33 Coquitlam NE BCHMC Fraserwood H402 48 2 0 2 2 0 2 2 0 2 2.00 Maple Ridge NE BCHMC Inlet Centre H406 96 2 0 2 0 0 0 0 0 0 0.67 Port Moody 230 4 0 4 3 0 3 2 0 2 3.00 1.30%

NE GVHC Investments Properties Welcher Avenue H501 2 0 0 0 0 0 0 0 0 0 0 Port Coquitlam 2 0 0 0 0 0.00%

NE Section 27 Meridian Village H101 202 2 0 2 1 0 1 2 0 2 1.67 Port Coquitlam 202 2 0 2 1 0 1 2 0 2 1.67 0.83%

NE Section 95 Eastburn Square H235 30 0 0 0 0 0 0 0 0 0 0.00 Burnaby NE Section 95 Greystone Village H237 96 0 0 0 0 0 0 3 0 3 1.00 Burnaby NE Section 95 Ran Beamish Place H236 122 1 0 1 3 0 3 2 0 2 2.00 Burnaby NE Section 95 Le Chateau Place H206 24 0 0 0 0 0 0 1 0 1 0.33 Coquitlam NE Section 95 Malaspina Village H222 67 0 0 0 0 0 0 0 0 0 0.00 Coquitlam NE Section 95 Ozada Village H219 61 0 0 0 1 0 1 4 0 4 1.67 Coquitlam NE Section 95 Park Court H201 30 0 0 0 0 0 0 0 0 0 0.00 Coquitlam NE Section 95 River Place H214 111 0 0 0 0 0 0 0 0 0 0.00 Port Coquitlam NE Section 95 Moray Place H228 52 7 1 6 1 1 0 1 1 0 2.00 Port Moody 593 8 1 7 5 1 4 15 1 14 8.33 1.41% TOTALS: 1027 14 1 13 9 1 8 19 1 18 13.00 1.27%

Average 4th Quarter North East Vacancy = 1.27%

004341041 1 Attachment 3d Greater Vancouver Housing Corporation Average 4th Quarter Vacancy - South East Area

Surrey 3.15% 4.6% 659 units

Average 4th Quarter Vacancy

New Westminster 3.1% 2.00% 2.0% 170 units

0.00% 1.00% 2.00% 3.00% 4.00% 5.00%

CMHC 2005 Vacancy rate produced yearly in October

004341907 Attachment 3d SOUTH EAST AREA Greater Vancouver Housing Corporation 4th Quarter Vacancy Statistics October October November November December December No. of October November December Average Area Program Complex No. Not Net Not Net Not Net % Municipality Units Vacancies Vacancies Vacancies Vacancies rentable Vacancies rentable Vacancies rentable Vacancies SE GVHC Investments Properties Crown Manor H505 28 1 0 1 1 0 1 1 0 1 1 New Westminster 28 1 0 1 1 0 1 1 0 1 1.00 3.57%

SE Section 95 London Square H224 48 0 0 0 0 0 0 1 0 1 0.33 New Westminster SE Section 95 McBride Place H242 94 6 3 3 4 3 1 5 3 2 2.00 New Westminster SE Section 95 Deer Park Lane H218 31 0 0 0 0 0 0 1 0 1 0.33 Surrey SE Section 95 Epsom Downs H215 108 4 1 3 3 1 2 1 1 0 1.67 Surrey SE Section 95 Guildford Glen H204 79 5 2 3 4 2 2 6 4 2 2.33 Surrey SE Section 95 Kingston Gardens I, II, III H210 144 12 9 3 14 9 5 13 10 3 3.67 Surrey SE Section 95 Kingston Gardens IV H212 48 6 4 2 5 4 1 7 4 3 2.00 Surrey SW Section 95 Somerset Gardens I, II, III H213 166 2 0 2 2 0 2 2 0 2 2.00 Surrey SE Section 95 Sutton Place H216 83 4 0 4 2 0 2 2 0 2 2.67 Surrey 801 39 19 20 34 19 15 38 22 16 17.00 2.12% TOTALS: 829 40 19 21 35 19 16 39 22 17 18.00 2.17%

Average 4th Quarter South East Vacancy = 2.17%

004341041 3 Attachment 4

Greater Vancouver Housing Corporation 2005 Vacancy Rate Trend

4.50% 3.94% 4.00% 3.76%

3.50%

3.00% 2.87% 2.7%

2.50% GVHC (No DES) 2.40% 2.40% 2.40% 2.40% 2.00% CMHC (Oct. 2005 Weighted Average) 1.48% 1.50% CMHC (Oct. 2004 Weighted Average)

1.00%

0.50%

0.00% 1st Qtr 2005 2nd Qtr 2005 3rd Qtr 2005 4th Qtr 2005

4281739 4.3

Greater Vancouver Housing Corporation Tel. 604 432-6300 Fax 604 436-6960

GVHC Board Meeting Date: March 10, 2006

TO: GVHC Board of Directors

FROM: Don Littleford, Manager, Regional Housing

DATE: February 24, 2006

SUBJECT: Defamation

Recommendation:

That the GVHC Board of Directors receive the report titled “Defamation” dated February 24, 2006 for information.

1. PURPOSE

At the November 10, 2005 GVHC Board of Directors meeting, staff was requested to seek legal guidance and advice for the GVHC Board regarding comments directed at members in a public meeting.

2. CONTEXT

The attached memo dated February 14, 2006 from the GVRD Corporate Solicitor provides an explanation of defamation.

3. ALTERNATIVES Not applicable.

4. CONCLUSION Not applicable.

Attachment

M E M O R A N D U M

TO: Don Littleford DATE: February 14, 2006

FROM: Andrea Brace, Corporate Solicitor

RE: Defamation

The following is intended only as a broad overview of a fairly complex and multi-faceted area of law - the law of defamation in Canada. It is not intended nor should it be interpreted as legal advice.

What is Defamation? Essentially, the tort of defamation addresses the publication of false statements (both written and verbal) that tarnish or impair an individual’s standing or reputation in the community. The Supreme Court of Canada has described defamation as: “[a]ny imputation which may tend to lower the plaintiff in the estimation of right-thinking members of society generally or to expose him to hatred, contempt or ridicule is defamatory of him” [Cherneskey v. Armadale Publishers Ltd. (1979)]. The term ‘right-thinking members of society’ has been diluted somewhat, such that courts will be concerned with the impressions of ordinary or reasonable members of the public – those that are reasonably thoughtful and informed rather than someone who has an overly fragile sensibility.

A defamatory remark must be communicated to a third person, other than the defamed individual, for it to be actionable. The onus is on the plaintiff to show that the defendant was responsible for the publication, but this may be inferred from the natural and probable consequences of the utterance.

The alleged defamatory words are to be given their ordinary and natural meaning and one must look at the overall context in which they appear in assessing the defamatory nature. The audience to whom the words are published are a meaningful part of the overall context. Where the plaintiff is not specifically named in the alleged defamatory statement, he or she must demonstrate the reference used would reasonably be understood to have been a reference to him or her.

What is Libel and Slander? Defamation can be divided into two broad categories of libel and slander. Libel has generally been associated with the written word but also extends to pictures, films, broadcasts and even conduct. It is actionable without proof of damage, as general damages are presumed. Slander, on the other hand, is generally conveyed by the spoken word and is not actionable per se, such that an action lies only if special damages are pleaded and proved, subject to certain exceptions.

What are the Defences? The defences to the tort of defamation include: (a) Truth. Truth is a complete defence, because the alleged wrong is based on the falsity of the imputation. The burden of proving the truth of the statement rests on the defendant. (b) Absolute Privilege. In some circumstances, on public policy grounds, the law grants an absolute privilege to certain speakers in order that they may talk freely without fear of

liability for defamation. Examples are certain judicial, legislative and military/security proceedings. (c) Qualified Privilege. Qualified privilege will excuse the defamation unless malice is demonstrated. The test of qualified privilege is “[w]hether persons or ordinary intelligence and moral principle, or the great majority of right-minded persons, would have considered it a duty to communicate the information to those to whom it was published” [Hiltz and Seamone Co. v. Nova Scotia (Attorney General) (1997, N.S.S.C.)]. (d) Fair Comment. Fair comment on matters of public concern or interest is protected from liability for defamation provided it is based on fact. The facts must be included in the communication, or they must be indicated with sufficient clarity to lay a proper foundation for the comment being made.

Libel and Slander Act

Among other things, the BC Libel and Slander Act provides that “[i]f a defendant published alleged defamatory matter that is an opinion expressed by another person, a defence of fair comment must not fail merely because the defendant did not hold the opinion if (a) the defendant did not know that the person expressing the opinion did not hold the opinion, and (b) a person could honestly hold the opinion” [s.6.1(1)]. The Act provides that the defendant has no duty to inquire into whether the person expressing the opinion does or does not hold the opinion.

The Act also provides that a plaintiff is entitled to recover only actual damages if it is proven that:

(a) the article was published in good faith, (b) there was reasonable ground to believe that it was for the public benefit, (c) it did not involve a criminal charge, and (d) if the publication took place in mistake or misapprehension of the facts, a full and fair retraction… was published…, or (e) if the alleged libel was broadcast, the retraction was broadcast within a reasonable time…

Assuming though that the above elements cannot be proven, it may be open to a plaintiff to seek damages that compensate him or her for his or her ‘wounded feelings’. As the court said in Walker v. CFTO Ltd. (1987 Ont. C.A.): “If the defendant’s misconduct is of a kind which increases the mental anguish suffered by the plaintiff, then the court may impose aggravated damages as additional compensation to reflect this harm”.

Corporate Plaintiff

The law of defamation protects the reputation of corporations as well as individuals. Unlike individuals though, defamation of a corporation does not cause hurt feelings. A corporation’s damages will therefore be limited to compensation for the financial effects caused by the impact on the corporation’s business reputation.

GREATER VANCOUVER HOUSING CORPORATION BOARD OF DIRECTORS

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held at 1:07 p.m. on Friday, February 17, 2006 in the 2nd Floor Boardroom, 4330 Kingsway, Burnaby, British Columbia for the purpose of appointments and mortgage renewals.

PRESENT: Chair, Director Wayne Wright, New Westminster Vice Chair, Director Maxine Wilson, Coquitlam Director Kurt Alberts, Langley Township Director Kim Capri, Vancouver Director Judy Forster, White Rock Director Colleen Jordan, Burnaby Director Darrell Mussatto, North Vancouver City Director Tim Stevenson, Vancouver

ABSENT: Director Bill McNulty, Richmond Director Judy Villeneuve, Surrey

STAFF: Don Littleford, Manager, Regional Housing Department Marjorie Whalen, Assistant to Regional Committees, Corporate Secretary’s Department

1. ADOPTION OF THE AGENDA

1.1 February 17, 2006 Special Meeting Agenda

It was MOVED and SECONDED That the GVHC Board adopt the agenda for the GVHC Board of Directors special meeting scheduled for February 17, 2006 as circulated. CARRIED

2. ADOPTION OF MINUTES No items presented.

3. DELEGATIONS No delegations presented.

4. REPORTS

4.1 Appointment of Officers to the Greater Vancouver Housing Corporation

It was MOVED and SECONDED WHEREAS Kurt Alberts, Kim Capri, Judy Forster, Colleen Jordan, Darrell Mussatto, Tim Stevenson, Judy Villeneuve, Maxine Wilson and Wayne Wright have been have been appointed by the Greater Vancouver Regional District Board of Directors and have consented in writing to serve as

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, February 17, 2006 Page 1 of 5 directors of the Greater Vancouver Housing Corporation and to hold office in accordance with the Corporation’s Memorandum and Articles:

AND WHEREAS the Directors of the Greater Vancouver Housing Corporation from time to time shall appoint a President and a Secretary and such other officers as the directors shall determine:

NOW THEREFORE BE IT RESOLVED that the Greater Vancouver Housing Corporation Board of Directors appoint the following as Officers of the Company: Wayne Wright President Maxine Wilson Vice President Paulette Vetleson Secretary Gordon Ruth Treasurer Don Littleford Manager, Regional Housing CARRIED

4.2 CMHC Mortgage Renewals Report dated January 17, 2006 from Don Littleford, Manager, Regional Housing Department, seeking to renew CMHC mortgages for 15 properties in the Section 95 portfolio.

It was MOVED and SECONDED WHEREAS Canada Mortgage and Housing Corporation (hereinafter called “CMHC”) in accordance with its Direct Lending Program, has agreed to renew the existing NHA insured mortgages and related security on the following CMHC mortgage accounts (hereinafter called the “Lands”):

10 437 671 / 004 for the Eastburn Square property at 7730 6th Street, Burnaby, BC, having a legal description of PID 003-346-161, Parcel “A” District Lot 28 Group 1, Plan 66008;

10 437 671 / 005 for the Greystone property at 7405 Woodbrook Place, Burnaby BC, having a legal description of PID 003-279-413, Lot 525, District Lots 135 and 138 Group 1, Plan 66144;

10 437 671 / 006 for the Ran Beamish property at 8750 Maple Grove Crescent, Burnaby BC, having a legal description of PID 003-304-507, Lot 81, District Lots 143 and 148, Group 1, Plan 51478;

10 437 671 / 008 for the Walnut Gardens property at 601 West Keith Road North Vancouver City, having a legal description of PID 007-066-911, Lot C, Block 68, Lot 271, Plan 19142;

10 437 671 / 009 for the Le Chateau Place property at 312 Schoolhouse Road, Coquitlam BC, legal description as per Attachment 1;

10 437 671 / 016 for the McBride Place property at 431 Ginger Drive New Westminster BC, legal description of PID 000-744-581, Parcel 2 District Lot 115, Group 1, Plan 68210;

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, February 17, 2006 Page 2 of 5 10 437 671 / 018 for the Moray Place property at 125 Moray Street, Port Moody BC, legal description of PID 003-475-247, Parcel 15, District Lots 190 and 235, Group 1, Plan 64846;

10 437 671 / 020 for the Knightsbridge 1 property at 12551 Cambie Road, Richmond BC, having a legal description of PID 003-472-175, Lot 153, Section 30, Block 5 North Range 5 West, Plan 64669;

10 437 671 / 021 for the Knightsbridge 2 property at 12571 Cambie Road, Richmond BC, having a legal description of PID 003-472-183, Lot 154, Section 30, Block 5 North Range 5 West, New Westminster District Plan 64669;

10 437 671 / 022 for the Maple Vine Court property at 7500 Francis Road, Richmond BC, having a legal description of PID 004-174-887, Parcel “A” (R.P.61175) of Lots 8,9,10,11 and 12, Section 29, Block 4 North Range West, Plan 11272;

10 437 671 / 023 for the Moffatt Park property at 7660 Moffatt Road, Richmond BC, having a legal description of PID 000-557-528, Parcel 141 Section 17 Block 4 North Range 6 West, Plan 66982;

10 437 671 / 032 for the Habitat Villa property at 3859 2nd Ave. West, Vancouver BC, having a legal description of PID 007-331-851, Lot C, District Lot 448, Plan 16956;

10 437 671 / 034 for the Hemlock Court property at 1411 East 17th Avenue, Vancouver BC, having a legal description of PID 006-847-234, Lot 29 District Lot 756, Plan 20110;

10 437 671 / 037 for the Strathearn Court property at 1873 Spyglass Place, Vancouver BC, having a legal description of PID 006-974-821, Lot 105, False Creek, Plan 19688; and

10 437 671 / 039 for the Tivoli Gardens property at 3501 Naples Way, Vancouver BC, having a legal description of PID 007-236-239, Lot 118 (Explanatory Plan 15141) District Lot 331, Plan 17988;

AND WHEREAS, Greater Vancouver Housing Corporation agrees to continue to provide security to CMHC for the due payment of the principal and interest for any indebtedness or liability to CMHC.

NOW THEREFORE BE IT RESOLVED THAT Greater Vancouver Housing Corporation:

1. renew mortgages with CMHC on the Lands for the outstanding principal amounts as at the renewal date of April 1st 2006, estimated to total $51.4 million, by way of first mortgages provided by CMHC (the “Lender”) at the equivalent term Government of Canada bench-mark bond yield plus no more than approximately 0.50% per annum compounded semi- annually at a term of approximately five years; and

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, February 17, 2006 Page 3 of 5

2. appoint the President and Treasurer as the Officers authorized to execute all documents related to the mortgage renewals and amendments with Canada Mortgage and Housing Corporation. CARRIED

4.3 Welcher Property Mortgage Buy Out Report dated January 17, 2006 from Don Littleford, Manager, Regional Housing Department, seeking approval of the buy-out of a GVRD loan on the “Welcher” property using the unrestricted capital reserves.

It was MOVED and SECONDED That the Greater Vancouver Housing Corporation Board of Directors approve: THAT the GVHC pay out a loan balance of approximately $142,000 owing the GVRD related to the 1997 purchase of the “Welcher” property, using the unrestricted capital reserves. CARRIED

4.4 GVRD Mortgage Renewals

It was MOVED and SECONDED That subject to approval of the Greater Vancouver Regional District (GVRD) Board, the Housing Committee recommends that the Greater Vancouver Housing Corporation (GVHC) Board

1) approve the renewal of variable rate, open, first mortgages with the GVRD for the following properties at the Prime Rate of interest of Canadian Imperial Bank of Commerce minus 1.5% per annum for a one year term:

The Regal Place property at 144 West Hastings Street, Vancouver BC, having a legal description of PID 011-587-121, Lot 8, Block 28, District Lot 541 Plan 210, in the principal amount of $749,777 due for renewal March 15, 2006;

The Manor House property at 145 West 5th Street, North Vancouver, BC having a legal description of PID 007-843-615, Lot I Block 125, District Lot 274, Plan 14362, in the principal amount of $2,111,796, due for renewal March 15, 2006;

The Crown Manor property at 430 9th Street, New Westminster, BC having a legal description of PID 013-466-909, Lot C (Explanatory Plan 28847) of Lot 22 Suburban Block 7 Plan 2620, in the principal amount of $1,261,546, due for renewal July 15, 2006;

and

2) authorize any two directors or officers of the Corporation to execute all documents related to the mortgage renewals and amendments with the GVRD.

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, February 17, 2006 Page 4 of 5 5 INFORMATION ITEMS

5.1 2005 Vacancy Summary; Forecast 2006 Report dated January 20, 2006 from Don Littleford, Manager, Regional Housing Department, summarizing the 2005 GVHC vacancy rates and forecasting 2006 trends.

Deferral Motion It was MOVED and SECONDED That the GVHC Board of Directors refer the report dated January 20, 2006, titled “2005 Vacancy Summary; 2006 Forecast” to the next regular meeting of the Greater Vancouver Housing Corporation. CARRIED

5.2 Correspondence dated December 2, 2005 from Mayor Kurt Alberts, Chair, Greater Vancouver Housing Corporation to Larry Campbell, Mayor, City of Vancouver regarding securing financial assistance from CMHC.

It was MOVED and SECONDED That the GVHC Board of Directors receive the correspondence dated December 2, 2005 from Mayor Kurt Alberts, Chair, Greater Vancouver Housing Corporation to Larry Campbell, Mayor, City of Vancouver regarding securing financial assistance from CMHC. CARRIED

5.3 Manager’s Report (verbal) No items presented.

6. OTHER BUSINESS No items presented.

7. RESOLUTION TO CLOSE MEETING No items presented.

8. ADJOURNMENT

It was MOVED and SECONDED That the meeting now conclude. CARRIED (Time: 1:11 p.m.)

______Marjorie Whalen, Wayne Wright, Chair Assistant to Regional Committees

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, February 17, 2006 Page 5 of 5

GREATER VANCOUVER HOUSING CORPORATION BOARD OF DIRECTORS

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held at 12:14 p.m. on Friday, November 25, 2005 in the 2nd Floor Directors’ Office, 4330 Kingsway, Burnaby, British Columbia.

PRESENT: President, Kurt Alberts, Langley Township Vice President, Judy Forster, City of White Rock Director Victor Durman, District of West Vancouver Director Celeste Redman, City of Burnaby Director Wayne Wright, City of New Westminster

ABSENT: Director , City of Vancouver Director Maureen McKeon Holmes, North Vancouver District Director Judy Villeneuve, City of Surrey

STAFF: Don Littleford, Manager, Regional Housing Department Gordon Ruth, Chief Financial Officer Marjorie Whalen, Assistant to Regional Committees, Corporate Secretary’s Department

1. ADOPTION OF THE AGENDA

1.1 November 25, 2005 Special Meeting Agenda

It was MOVED and SECONDED That the GVHC Board of Directors adopt the agenda for the GVHC Board of Directors special meeting scheduled for November 25, 2005 as circulated. CARRIED

2. ADOPTION OF MINUTES

2.1 November 10, 2005 Regular Meeting Minutes

It was MOVED and SECONDED That the GVHC Board of Directors adopt the Minutes of the GVHC Board of Directors regular meeting held November 10, 2005 as circulated. CARRIED

3. DELEGATIONS No delegations presented.

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, November 25, 2005 Page 1 of 2

4. REPORTS No items presented.

5. INFORMATION ITEMS

5.1 Correspondence to , MLA and Diane Thorne, MLA regarding the Guildford Glen Housing Complex in Surrey

6. OTHER BUSINESS No items presented.

7. RESOLUTION TO CLOSE MEETING

It was MOVED and SECONDED That the special meeting of the GVHC Board scheduled for November 25, 2005 be closed pursuant to the Community Charter provisions, Section 90 (1)(e): “90 (1) A part of a board meeting may be closed to the public if the subject matter being considered relates to one or more of the following: (e) the acquisition, disposition or expropriation of land or improvements, if the board considers that disclosure could reasonably be expected to harm the interests of the regional district”. CARRIED

8. ADJOURNMENT

It was MOVED and SECONDED That the meeting now conclude. CARRIED (Time: 12:17 p.m.)

______Marjorie Whalen, Kurt Alberts, President Assistant to Regional Committees

Minutes of the Special Meeting of the Greater Vancouver Housing Corporation (GVHC) Board of Directors held on Friday, November 25, 2005 Page 2 of 2