Vernon Friday, June 12, 2020 11:30 AM

The Province is working in partnership to deliver 141 new affordable rental homes for people with a range of incomes in the Interior region.

“People deserve safe, secure and affordable housing,” said Selina Robinson, Minister of Municipal Affairs and Housing. “From young families to seniors, these projects will mean that more people can find a good, affordable home in their community, close to their friends and family.”

More than 50 homes are open or will be opening soon, including:

  • Keremeos, 815 7th Ave. – 16 homes for seniors and families with low to moderate incomes. Monthly rents are projected to range from $425 (one bedroom) to approximately $1,100 (two bedrooms). Residents will begin moving into their homes in early July 2020.
  • Vernon, 5545 27th Ave. – 38 homes for Indigenous families, Elders, youth and individuals with accessibility challenges with low to moderate incomes. Monthly rents range from $460 (studio) to approximately $975 (four bedrooms). Residents began moving into their homes at the end of May 2020.

Construction is about to begin or is underway on close to 90 homes, including:

  • Merritt, 4010 Walters St. – construction is underway on 75 homes for individuals and families with middle incomes. Monthly rents are projected to range from $1,053 (studio) to approximately $1,650 (three bedrooms).
  • Vernon, 4005 Pleasant Valley Rd. – construction is expected to begin in early July on 12 affordable rental townhomes for seniors, people with disabilities and families with low to moderate incomes. Monthly rents are projected to range from $375 to approximately $1,148.

These projects are part of more than 23,000 new homes that are complete or underway around the province, including nearly 3,900 in the Interior, as part of the Government of B.C.’s Homes for B.C. housing plan.

Delivering affordable housing is a shared priority between government and the BC Green Party caucus, and is part of the Confidence and Supply Agreement.

Learn More:

A map showing the location of all announced provincially funded housing projects in B.C. is online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/

Two backgrounders follow.

Backgrounders

Funding for new housing projects in the Interior

Projects open or opening soon:

  • Keremeos, 815 7th Ave.:
    • The Province provided $2.3 million in capital funding.
  • Vernon, 5545 27th Ave.:
    • The Province provided $6.3 million in capital funding.
    • The federal government provided $2.2 million from the Canadian Mortgage and Housing Corporation Co-Investment fund.
    • The City of Vernon provided $415,000 in municipal waivers.

Projects starting or under construction:

  • Merritt, 4010 Walters St.:
    • The Province, through BC Housing’s HousingHub, is providing $16.6 million in interim construction financing to Olympic Villas Inc.
    • Olympic Villas Inc. provided the land valued at $1.8 million and $1.2 million in cash equity.
  • Vernon, 4005 Pleasant Valley Rd.:
    • The Province is providing $1.2 million from the Building BC: Community Housing Fund, as well as interim construction financing of $2.8 million and annual operating funding.
    • The City of Vernon provided the land, which is valued at $600,000, and $134,000 in municipal waivers.
    • The non-profit operator, Vernon and District Community Land Trust Society, is providing $69,000 in equity.
Province building new homes to meet full spectrum of housing needs

The B.C. government is working in partnership to build 114,000 affordable homes that cover the full spectrum of housing needs for British Columbians by 2028.

Budget 2018 included a $7-billion investment in the homes people need. As a result of that investment, more than 23,000 new homes are complete, under construction or in the approvals process for a range of people who are struggling to find a place to live, from people who are experiencing homelessness and seniors on fixed incomes, to middle-income families, students and individuals. As of Dec. 31, 2019, this includes:

Housing for people with middle incomes

The average annual household income qualifying for homes underway is under $99,000 per year:

  • HousingHub: 2,802 homes

Housing for people with low to moderate incomes

This includes people residing in social housing (household incomes less than $65,000) as well as those living in affordable market rentals (households with annual incomes up to $74,000) – 9,837 homes:

Affordable market:

  • Building BC: Community Housing Fund (30% of units in each project): 1,565 rental homes for people with low to moderate incomes
  • Affordable Rental Housing Program: 1,615 homes for people with low to moderate incomes
  • Deepening Affordability Fund: 1,976 homes for people with low to moderate incomes
  • Regional Housing First Program: 907 homes for people with low to moderate incomes

Social housing or subsidized rents:

  • Building BC: Community Housing Fund (50% of units in each project): 2,609 rental homes for people with low incomes
  • Building BC: Indigenous Housing Fund: 1,165 homes for Indigenous peoples, on and off reserve

Housing for people with very low incomes

Rental housing for people experiencing or at risk of homelessness, or for people with very low incomes (includes supportive housing and shelter-rate housing) – 4,795 homes:

  • Rapid Response to Homelessness: 2,012 homes with 24/7 support
  • Building BC: Supportive Housing Fund: 1,060 homes with 24/7 support
  • Building BC: Women’s Transition Housing Fund: 679 spaces of transition, second-stage and affordable rental housing for women and children leaving violence
  • Building BC: Community Housing Fund (20% of units in each project): 1,044 homes

Housing for students – 5,584 homes:

  • BC Student Housing Loan Program: 2,699 on-campus student housing units are under construction, in development or in the approvals process
  • 2,885 student housing units are also complete, under construction or in development through partnerships with post-secondary institutions

Total: 23,018 homes

This on BC Govt Website go to the link here

 

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