New Middle-Income Housing Coming to Downtown Kelowna

New Middle-Income Housing Coming to Downtown Kelowna
April 30, 2024

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!

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