Construction is underway on a new development that will provide 180 market rental homes designed to be affordable for middle-income households in Nanaimo.
“This new, affordable rental housing project will provide opportunities for Nanaimo residents to live in a vibrant neighbourhood close to where they work, learn and play,” said Sheila Malcolmson, MLA for Nanaimo. “Our government is committed to building more homes like these in Nanaimo and across the province to address the housing crisis that has affected so many.”
Located at 560 Third St., DLX on Third will be two four-storey buildings, each with commercial retail units on the ground floor and rental apartments above. Each building will feature a mix of micro- and studio units, one- and two-bedroom suites, and one- and two-bedroom lofts. Units will have in-suite laundry, as well as a balcony or patio.
“This project is consistent with Nanaimo’s affordable housing strategy, which supports increasing the supply of affordable rental homes for low- and middle-income households,” said Leonard Krog, mayor, City of Nanaimo. “We are very grateful to the Province and the HousingHub, as these 180 new rental homes for middle-income earners meet the goals and objectives of our plans and, given our low rental vacancy rates, are a much-needed addition to Nanaimo’s rental market.”
The project is being built in partnership with Wertman Development Corporation (WDC) through BC Housing’s HousingHub program. HousingHub was created in 2018 and works with community, government, non-profit and private-sector partners to help create new affordable rental housing and home ownership options for low- and middle-income British Columbians.
Unlike other types of projects, the Province does not directly fund HousingHub projects. Instead, the Province has made $2 billion in low-cost financing available through HousingHub to encourage developers to build new homes for middle-income households by providing loans with lower interest rates than would be otherwise available. In return, developers commit to pass the construction-cost savings through to the tenants and prospective homeowners in the form of more affordable rents and home ownership opportunities.
The Province provided approximately $35.9 million in financing for this project, which will be repaid with interest by WDC.
“Wertman Development Corporation is happy to be working with BC Housing to provide quality rental housing in Nanaimo,” said Jason Wertman, vice-president, Wertman Development Corporation. “This new building will provide 180 new homes close to downtown and the university, with commercial space below and ample parking.”
Construction is expected to be complete in spring 2023.
For more information about HousingHub, visit: https://news.gov.bc.ca/releases/2021AG0025-000720
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC