News for middle-income earners in Kelowna! The BC Ministry of Housing is seeking proposals to develop a new rental housing project aimed at those with moderate incomes.
The project will be built on a currently underused parking lot located at 1428 St. Paul Street. This is part of a larger provincial initiative, BC Builds, designed to expedite the construction of middle-income housing across British Columbia.
BC Builds Program
- Launched in February 2024, BC Builds offers low-interest financing, grant funding, and utilizes government or non-profit-owned land for development.
- The program aims to streamline the development process, with projects moving from concept to construction within 12-18 months, compared to the usual 3-5 years.
- This will be achieved through collaboration between BC Builds officials, landowners, local governments, and developers.
Eligibility for Renting
- Homes will be targeted towards middle-income earners, ensuring they spend no more than 30% of their income on rent.
- To qualify, families with children must have a household income that falls below the 75th income percentile, which is currently set at $191,910.
- Families without children can also qualify, with a household income limit of $131,950.
Overall Impact
- The project on St. Paul Street is one of eight throughout the province being developed through BC Builds.
- This initiative aims to deliver 8,000 to 10,000 middle-income rental units over the next five years.
- The BC government is contributing $2 billion in low-cost financing, with a total program commitment of $950 million. The federal government is also providing $2 billion.
Kelowna's Role
- The City of Kelowna is a strong supporter of BC Builds, recognizing the importance of providing affordable housing options for middle-income residents.
- Mayor Tom Dyas sees this project as a key step in ensuring residents can find housing within their budget close to their jobs and communities.
Looking for a Home in Kelowna?
Coldwell Banker Horizon Realty can help you navigate the Kelowna housing market, whether you're looking to buy, sell, or rent. We have a team of experienced agents who can help you find the perfect property for your needs. Contact us today!
Disclaimer:
The content of this article is for informational purposes only and should not be considered as financial, legal, or professional advice. Coldwell Banker Horizon Realty makes no representations as to the accuracy, completeness, or suitability of the information provided. Readers are encouraged to consult with qualified professionals regarding their specific real estate, financial, and legal circumstances. The views expressed in this article may not necessarily reflect the views of Coldwell Banker Horizon Realty or its agents. Real estate market conditions and government policies may change, and readers should verify the latest updates with appropriate professionals.
The content of this article is for informational purposes only and should not be considered as financial, legal, or professional advice. Coldwell Banker Horizon Realty makes no representations as to the accuracy, completeness, or suitability of the information provided. Readers are encouraged to consult with qualified professionals regarding their specific real estate, financial, and legal circumstances. The views expressed in this article may not necessarily reflect the views of Coldwell Banker Horizon Realty or its agents. Real estate market conditions and government policies may change, and readers should verify the latest updates with appropriate professionals.
