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!
