New affordable rental homes coming to Nanaimo

The Voice of Canada News:

Middle-income families and individuals in Nanaimo will soon have access to 120 new, affordable rental homes in their community as construction gets underway on two new apartment buildings.

“People deserve safe and secure homes, but even middle-income people like teachers and small business owners have struggled to find affordable housing in Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo. “These new homes will mean that more people – from young families to seniors – have access to affordable housing in their community, close to their friends, family and work.”

Construction is set to start in August on two apartment buildings at 4745 Ledgerwood Rd., which will provide 120 rental homes for people in Nanaimo, thanks to a partnership between the Province and WestUrban Developments. The project is being built through BC Housing’s HousingHub, which was created by the Province in 2018. The HousingHub works with community, government, non-profit and private-sector partners to help create new affordable rental housing and home-ownership options for middle-income British Columbians.

“We commend the Province of British Columbia and WestUrban Developments for their commitment to developing 120 new market rental units for middle-income earners in Nanaimo as these units will be a welcomed addition in our community, and will help move people along the housing continuum,” said Leonard Krog, mayor, City of Nanaimo.

The new rental homes are designed to be affordable for households with annual incomes between $44,000 and $76,000. The projects will have studio, one-bedroom, two-bedroom and three-bedroom homes. Monthly rents will range from $1,100 for a studio to $1,900 for a three-bedroom unit. Residents are expected to move in spring 2022.

“We are very excited to partner with BC Housing on another project to help address middle-income rental housing needs,” said Sean Roy, CEO, WestUrban Developments Ltd. “The HousingHub is a phenomenal program that is making a difference within British Columbia. This latest project will provide high-quality residential living in Nanaimo, and we look forward to continuing to partner with BC Housing on future developments.”

Delivering affordable housing is a shared priority between government and the BC Green Party Caucus and is part of the Confidence and Supply Agreement.

Quick Facts:

• The Province, through the Housing Hub, is providing interim construction financing of up to $24.8 million for this project in Nanaimo.
• Since 2017, the Province has provided funding for nearly 850 affordable homes in Nanaimo, including:
  • HousingHub: 270 homes for people with low to middle incomes
  • Community Housing Fund: 159 affordable rental homes for people with low to middle incomes
  • Women’s Transition Housing Fund: 10-bed women’s transition house
  • Supportive Housing Fund: 164 homes for people experiencing homelessness
  • Affordable Rental Housing Program: 159 affordable rental homes for seniors
  • Deepening Affordability Fund: 85 affordable rental homes for low-income people and those with developmental disabilities