People in need of affordable rental housing in Terrace, including families and seniors, will soon have more housing options, with construction underway on 45 rental homes.
“Housing affordability is not just a big-city problem — it’s impacting British Columbians in communities like Terrace, and others throughout the province,” said Jennifer Rice, MLA for North Coast. “This project demonstrates the importance of working together and building partnerships, so we can help more people who are struggling to find suitable accommodation in the communities they live in.”
The Province, through BC Housing, is partnering with Ksan House Society and the City of Terrace on the three-storey apartment building at 4622 Haugland Ave. The building will provide safe and secure housing for people in need, and add to the city’s affordable rental stock.
“The City of Terrace is pleased to support the development of Ksan Estates, through land and financial support towards construction,” said Mayor Carol Leclerc, City of Terrace. “We believe this project is an important need for our community, and look forward to seeing the project completed.”
Ksan House Society will be the non-profit operator. It has been providing housing and community programming in Terrace since 1979.
“After four years of planning, we are excited to see our project materialize into beautiful, safe, affordable housing that our community deserves,” said Amanda Bains, executive director for Ksan House Society.
The project is expected to be complete by spring 2019.
- The Province is providing $8 million in capital funding, and interim construction financing of $2.2 million for the project.
- The Government of Canada is providing a $5,500 grant.
- The City of Terrace is providing $250,000 in funding, as well as the land, valued at approximately $441,000.
- Rental rates for the new development are projected to range from approximately $595 to $1,035.
- 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
To find out what the Province is doing to improve housing affordability, visit: news.gov.bc.ca/factsheets/bc-government-addressing-housing-affordability-challenges