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Developer sells homes to be low-cost rentals

Developer sells homes to be low-cost rentals

COMOX, B.C.—Officials have acquired six rental homes to be used as low-income housing on Vancouver Island.

The project is a partnership between the province, the Town of Comox and the M’akola Housing Society.

“This project is a great example of how strong partnerships can address the need for affordable homes for people in the Comox Valley,” said Ronna-Rae Leonard, MLA for Courtenay-Comox, in a statement.

The one-bedroom homes are located at 695 Aspen St., where Highstreet Developments Ltd. is building 208 rental units and 24 condominium units. The developer agreed to sell the six units to the Town of Comox at a below-market rate so they can be offered as permanent affordable rental housing.

B.C. and Comox, through its affordable housing reserve, gave matching grants of approximately $437,000 towards the purchase. The province is also providing low-cost financing of up to approximately $410,000 to the M’akola Housing Society, which will own and operate the six units.

The homes will be rented below market at $805 per month. Seniors may be eligible to receive rental assistance through the Shelter Aid for Elderly Renters program to further reduce rents.

“We are pleased to help bring six affordable homes to the Comox Valley,” said Kevin Albers, CEO of the M’akola Housing Society. “In this housing crisis, it takes a collective effort to find possible solutions.”

People started moving in on March 15.

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