VICTORIA – The City of Squamish is about to receive 140 new affordable homes representing a $31.5 million investment from the Government of British Columbia.
Spirit Creek Apartments, located at 38648 Buckley Ave. has a mix of 76 studio, one- and two-bedroom rental units. The project received $8.06 million through BC Housing and will receive an annual operating subsidy of $324,000.
Ashlu, located at 38012 3rd Ave. has 67 homes and received $23.5 million in financing through BC Housing’s HousingHub. Eight Avenue Development Group provided roughly $5 million in cash equity and covered all construction and development costs, states a news release.
“There is an urgent need for affordable housing in our community. Solutions can only be realized with collaboration and dedication from non-profit organizations, the development community as well as government partners,” said Squamish Mayor Armand Hurford in the release.
“We thank everyone involved in these projects that will help to increase access to safe and affordable housing in Squamish.”