The governments of Canada and British Columbia, along with community partners, celebrated the official groundbreaking of the redevelopment of Pleasantvale today, which will provide 50 units of affordable seniors’ housing and 20 townhomes for families with low to moderate incomes in Kelowna.

Construction of the new Pleasantvale, located on the 600 block of Richter St., is scheduled to be completed by spring 2016.

Quick facts:

• The Governments of Canada and B.C. will provide a combined investment of over $5.6 million toward the purchase of the 20 affordable rental townhomes for families with low-to-moderate incomes through the Federal-Provincial Housing Initiative − www.bchousing.org/Initiatives/Creating/FPHi - under the Canada-B.C. Agreement for Investment in Affordable Housing 2011-2014 − www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/2011-07-04-0930.cfm − that was recently extended until 2019 - www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-03-04-1530.cfm The purchase will take place upon building completion.
• The B.C. government arranged approximately $12.4 million in construction financing for the project and provided the land, originally donated by Pleasantvale Homes Society and the City of Kelowna, valued at $2 million.
• The City of Kelowna credited $154,070 in development cost charges and granted $273,171.
• The Society of Hope will manage and operate the development.

Quotes:

Honourable Ron Cannan, Member of Parliament for Kelowna-Lake Country -

“The rebuilding of Pleasantvale Homes is an exciting project where young families and seniors will form a close knit community, bringing each other a wealth of support and experience. I am very proud of our Government’s investment in our community and in improving the quality of life of our residents.”

Premier Christy Clark, MLA for Westside-Kelowna -

“For over two decades, the Society of Hope has been making a difference in people’s lives, and we’re pleased to partner with them on this project. The redevelopment of Pleasantvale will not only continue and preserve the legacy left by Pleasantvale Homes Society, but it also ensures residents will have increased access to new, affordable housing in Kelowna for years to come.”

Mayor Colin Basran, City of Kelowna -

“The city’s investment on this project will help enhance and increase the existing affordable housing options available in our city, making a real difference in the lives of all those who currently call and will call Pleasantvale home. We’d like to thank all of our partners for their support and dedication to providing for all those in need of affordable housing in this community.”

Catherine Comben, chair, Pleasantvale Homes Society -

“Pleasantvale Homes Society, a project of the Rotary Club of Kelowna since the early 1950s, is proud to have contributed the land for the redevelopment of Pleasantvale. This will ensure that the needs of low-income and disadvantaged seniors in our community will continue to be met for the upcoming decades through the auspices of the Society of Hope as they become the new operators of the redeveloped complex.”

Lorne Gerber, president, Society of Hope -

“Our society is honoured to partner with all levels of government for the redevelopment of Pleasantvale. The society’s goal is to provide new, modern homes for families and seniors in need of affordable housing on this site and we look forward to the completion of this development to achieve this goal.”

Associated links:

• Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. These investments improve the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people. To find out more about how the Government of Canada and CMHC help Canadians meet their housing needs, call CMHC at 1 800 668-2642 or visit: www.cmhc-schl.gc.ca
• In 2013-14, the B.C. government invested over $10.6 million to provide subsidized housing and rent supplements for 3,000 Kelowna households. To find out more, visit: www.bchousing.org
• The Society of Hope is a non-profit organization that has been providing quality, affordable housing to low-income residents in the Central Okanagan since 1989. For more information, please visit: http://www.societyofhope.org/ 

Stay connected:

• Follow CMHC on Twitter: @CMHC_ca (twitter.com)
• Follow BC Housing on Twitter: @BC_Housing (twitter.com)

Media Contacts:

Elaine McKay
BC Housing
778 452-6476

Andrea Scott
CMHC Communications
604 737-4064