This should help make some new affordable rentals in Squamish a reality sooner rather than later.
The District of Squamish is receiving a $7.6 million grant from the 小蓝视频 Housing Community Housing Fund toward the Buckley Avenue affordable rental housing project, the District announced Thursday afternoon.
The five-storey apartment building, to be located at 38648 Buckley Ave., just north of Howe Sound Secondary, will include 76 units 鈥� 12 studios, 48 one-bedroom units and 16 two-bedroom units.
鈥淭his is incredible news for the community of Squamish,鈥� said acting mayor Doug Race in the release. 鈥淎ffordable housing continues to be a major issue for our community that we can鈥檛 solve on our own, and this funding will allow us to take a major leap forward. We thank the province and 小蓝视频 Housing for these funds that will enable us to provide affordable housing solutions, and peace of mind, to local individuals and families.鈥�
Squamish is one of 42 小蓝视频 communities to receive funding for new affordable mixed-income rental homes.
Construction for Buckley is estimated at $20-million. It is anticipated rents will be well below market. Construction funding will be fronted by 小蓝视频 Housing. A 小蓝视频 Housing annual grant will provide the difference between the rental revenue for the building and its operational costs.聽
No local tax funds are proposed to support the project, according to the District.
Next steps include detailed construction design and budget development, as well as commissioning a non-profit housing group to operate and manage the building.
Details about a waitlist will likely be available once construction begins.
Subsidized units will be available to permanent 小蓝视频 residents who meet the household and income eligibility criteria. To learn more about subsidized and affordable rental housing visit 小蓝视频 Housing.
More details about the Buckley Avenue project, go to聽.
