The Government of British Columbia is moving ahead with new affordable rental homes for people with low to moderate incomes, including seniors and people with disabilities living in Vernon.
“As with the rest of the province, Vernon is struggling with an alarmingly low vacancy rate. That is why our government is moving quickly to get more affordable rental stock in the market for the people who need it most,” said Selina Robinson, Minister of Municipal Affairs and Housing. “This project is a combination of new builds and redevelopment, making sure more families and seniors have access to affordable housing in Vernon.”
The Province has purchased three properties to develop approximately 41 new affordable rental homes, and to preserve 71 units of existing rental stock.
Two current apartment buildings, located at 3800 and 3802 27 Ave., will remain and receive fire safety upgrades and other improvements.
The new four-storey building will be built next to the existing buildings, and will provide a mix of one- and two-bedroom units, which will include in-suite laundry and other amenities. Approximately six of these units will be accessible for people with disabilities.
“We are very pleased to see this investment in affordable housing in our community,” said Akbal Mund, mayor, City of Vernon. “Local government can’t address the homelessness problem on its own. We are committed to working with our partners to protect affordable housing and provide new housing in the community.”
The Vancouver Resource Society will operate the two existing apartment buildings, and co-own and oversee the development of the new building.
“This project, in partnership with the Province, will enable us to expand our affordable rental housing program to residents of Vernon, including our client group: people with disabilities,” said Ken Fraser, executive director, Vancouver Resource Society.
Construction is anticipated to begin in the coming months.
- The Province is providing approximately $23 million to purchase the three properties and develop the new apartment building.
- Rental rates for the new development are projected to be:
- 1 bedroom: $787
- 2 bedroom: $962
- This project is part of the Province’s commitment to build 114,000 affordable homes, including market rental, non-profit, supported social housing, co-op and owner-purchase housing through partnerships.
- Budget 2018 launched the biggest investment in housing affordability in B.C. history – more than $7 billion over 10 years.
Read Homes for B.C., government’s 30-point plan to address housing affordability for British Columbians: bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf