VALEMOUNT, B.C. — The Government of British Columbia recently announced construction has begun on 13 affordable rental homes for seniors and families in Valemount, B.C.
The project is taking place through a partnership between the province, the Columbia Basin Trust, Canada Mortgage and Housing Corporation (CMHC) and the Valemount Affordable Rentals Society (VARS).
“After years of inaction by the previous government, people across B.C. have had a hard time finding safe, affordable housing. These new homes will help keep Valemount healthy and vibrant, and make sure people can stay in their community, close to friends, family and the services they count on,” said B.C. Minister of Municipal Affairs and Housing Selina Robinson in a statement.
The project is located at 1295 Gordon Rd. and will be a two-storey apartment building with one-, two- and three-bedroom units and will be managed by VARS.
“Valemount Affordable Rentals Society is extremely excited to see this project move forward. We would like to thank our funders, our community, our consultants and our volunteers for their ongoing efforts and determination in moving this much-needed project forward. We are focused on ensuring that the construction will be completed as quickly and as smoothly as possible and look forward to adding to Valemount’s affordable housing inventory,” VARS president Riette Kenkei said.
Construction began this August and is expected to be complete by summer 2021.
The project’s total capital budget is approximately $4.27 million with B.C. providing $1.34 million through the Building BC: Community Housing Fund. CMHC provided $300,000 through the Federal Bilateral Canada Community Housing Initiative Grant, Columbia Basin Trust provided $169,400 and the Village of Valemount waived $25,493 in development costs.
The funding being provided for the project does not add up to the value of the project. It is only short about 3 million $ Where is that coming from.