The District of Squamish will use a $7.6 million grant from the BC Housing Community Housing Fund (CHF) program to fund the design and construction of the Buckley Avenue affordable rental housing project.
The project will provide housing to low-to-moderate income households through the development of a new five-storey apartment building with 76 units.
There will be 12 studios, 48 one-bedroom units and 16 two-bedroom units, the district said in a press release it issued today.
Construction costs are estimated at approximately $20-million with rents anticipated to be substantially below market rents, said DOS communications coordinator Rachel Boguski.
Construction funding will be provided by BC Housing, she said.
An annual operational grant, also from BC Housing, is intended to provide the difference between the rental revenue for the building and the costs to operate the building. No local tax funds are proposed to support the project.
The coming months will see the development of detailed construction designs and more detailed budget development, as well as work to seek out a non-profit housing group to operate and manage the building.
It’s expected that waitlist details for prospective residents will be available once construction is underway, she noted.
Acting Mayor Doug Race thanked the provincial government for the funding.
“This is incredible news for the community of Squamish,” says District of Squamish Acting Mayor Doug Race.
“Affordable housing continues to be a major issue for our community that we can’t solve on our own, and this funding will allow us to take a major leap forward,” he said.
Squamish is one among the 42 communities where BC is funding 4,900 new affordable mixed-income rental homes as part of the Building BC: Community Housing Fund.
The housing projects are aimed at a mix of incomes:
As many as 30 per cent of the units in the province will be for households with middle incomes, incomes up to $71,200 for homes with less than two bedrooms, or up to $104,000 for homes with two or more bedrooms.
As many as 50 per cent of the units will be for the low- to moderate-income households, which the province says range from $21,000 to $95,000.
As many as 20 per cent of the units will be for households with low incomes, which require a deeper level of subsidy, such as seniors on fixed incomes and those receiving income assistance.
The income criterion for these units is $30,000, depending on unit size.
The housing income, however, will vary from one community to the other: For example, this would be approximately $58,000 for a two-bedroom unit in Vancouver and approximately $37,000 for a two-bedroom unit in Smithers.
The average rents are derived from Canada Mortgage and Housing Corporation’s annual Rental Market Survey.
BC’s new community housing fund seeks to invest $1.9 billion over 10 years to create 14,000 affordable rental homes for seniors, families and low-income and middle-income earners.
Premier John Horgan said years of inaction on the housing in BC had left families struggling to get by.
“These new, affordable rental homes are an important step toward addressing the housing crisis and giving families in every part of the province a break from skyrocketing housing costs,” Horgan said.
Marnie Lett says
Any update on where these will be located?