The Carleton University Students’ Association (CUSA) has taken the first step towards buying real estate for student housing with a motion passed at council May 13.
The motion altered the association’s investment policy to allow the purchase of real estate from within Canada by council approval.
The land will be a stable long-term investment and will be used for student housing, CUSA vice-president (finance) Folarin Odunayo said. The property will be in Old Ottawa South, and will likely be provided to student renters at below market prices, he said.
The condition to require council’s approval before buying land was proposed by Brandon Wallingford, CUSA’s clubs and societies co-ordinator.
The amendment to the motion passed with CUSA president Alexander Golovko abstaining, and Odunayo voting against the amendment.
At the council meeting Golovko said requiring council’s approval to buy real estate may cause CUSA to miss property-buying opportunities.
“[The real estate agent] needs feedback within a few weeks, but the council meeting is not happening [for] a month,” he said.
