Apartment project financed by province
Developer of 157-unit building in Kelowna to receive interim construction financing of $39 million
The provincial government is supporting the construction of rental apartments in Kelowna for middle-income families.
BC Housing’s HousingHub program is working with developer PC Urban to build 157 apartments in a two-storey building at 726 Clement Ave., just north of downtown, Municipal Affairs and Housing Minister Selina Robinson said Friday in Kelowna.
The building should be complete by late 2020.
The province provides the interim construction financing of $39 million to PC Urban.
Projected rents are $1,300 a month for a one-bedroom unit and $1,780 for a two-bedroom unit.
That is considered a fair market rate and affordable for households with annual incomes between $52,000 and $71,000.
To make housing affordable for an individual or family, the rule of thumb is a household spends no more than 30% of total income on housing.
Through Building B.C. funds, 476 affordable homes are completed, under construction or planned in Kelowna.
That includes the apartment building on Clement Avenue as well as 50 supportive homes for the homeless, 40 units of women’s transitional housing, 96 so-called rapid response homes for the homeless, 73 affordable rentals for seniors, families and individuals, and 59 affordable rentals for Indigenous Peoples.