District of Squamish receives $7.6 million grant from Building BC: Community Housing Fund

Funding will support 76-unit Buckley Avenue affordable rental housing project

The District of Squamish has been successful in receiving 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 including 12 studios, 48 one-bedroom units and 16 two-bedroom units.

“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. We thank the Province and BC Housing for these funds that will enable us to provide affordable housing solutions, and peace of mind, to local individuals and families.”

Squamish is one of 42 B.C. communities that has received funding for new affordable mixed-income rental homes, thus addressing the critical need for affordable housing for moderate and low-income households.

Construction costs are estimated at approximately $20-million with rents anticipated to be substantially below market rents. Construction funding will be provided by BC Housing. 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.

Subsidized units will be available to permanent B.C. residents who meet the household and income eligibility criteria. To learn more about subsidized and affordable rental housing visit BC Housing.

To learn more about the Buckley Avenue affordable rental housing project, including anticipated rents, unit sizes and design features, visit https://squamish.ca/affordable-rental-housing-projects

November 15, 2018

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