The Columbia Basin Trust is working with the province to contribute to the overall capital costs of nine sites and 114 units, including some in Revelstoke, under BC’s Seniors’ Rental Housing (SRH) initiative.
Under the agreement, the CBT has committed $425,000 towards the 114 units, and the province, under the SRH initiative, will provide approximately $8,550,000 in cash equity for these units.
“It’s important we offer seniors and people with disabilities affordable housing options that meet their needs and allow them to stay in their communities,” Housing Minister Rich Coleman said in a joint statement with the CBT. “The province is proud to partner with Columbia Basin Trust to create affordable seniors housing options in eight Basin communities.”
For his part, CBT CEO Gary Merkel said the partnership is an opportunity for the agency to deal “with affordable housing issues, and in particular to explore opportunities to support new housing initiatives.
“This is a unique opportunity for CBT to be involved in the creation of a significant number of housing units, particularly in rural locations within the Basin,” he said in the statement.
The SRH initiative is a $365-million joint investment under an amendment to the Canada-British Columbia Affordable Housing Agreement, which includes funding through Canada’s Economic Action Plan and by the government of British Columbia. This initiative will provide $123.5 million, including $104 million for seniors and $19.5 million for persons with disabilities, to develop up to 1,000 new affordable rental housing units, which will stimulate local economies in smaller communities across B.C.
Learn more about CBT’s other housing initiatives and the Social Strategic Plan at www.cbt.org/social.
To find out more about affordable housing in B.C., visit www.bchousing.org.