SQUAMISH, B.C. — New affordable housing is on the way for Squamish, a destination city for those who love all things outdoors.
B.C. officials announced construction has started on a 67-unit apartment building for middle-income tenants.
“We know finding rental housing in Squamish has been a challenge for families and individuals who love the city and are helping build Squamish’s future,” said David Eby, attorney general and minister responsible for housing, in a press release. “This project will provide much-needed new rental housing for the folks who help make Squamish work. We look forward to building more housing like this in Squamish and across the province to respond to the housing crisis faced by far too many people.”
The six-storey building will include one-, two- and three-bedroom rental homes, with projected monthly rents ranging from approximately $1,675 for a one-bedroom unit to $2,500 for a three-bedroom unit. The province also hopes the project will free up other homes in the area to increase overall housing stock.
The project is a partnership with Eighth Avenue Development Group through BC Housing’s HousingHub program. The HousingHub co-ordinates with community, government, non-profit and private-sector partners to increase affordable rental housing and homeownership options for middle-income families.
“We’re proud to be developing these sustainably built quality homes in Squamish to meet the housing demands of this fast growing community,” said Ed Kolic, principal with Eighth Avenue Development Group. “Called Ashlu, the project is named after some of the area’s most enjoyable recreational natural elements, a creek, falls, mountain and canyon. The design and architecture pay homage to the area’s industrial heritage of mines and mills.”
HousingHub’s approach differs from other affordable housing projects because it does not receive direct funding from the province. Instead, government provides low-cost financing through the HousingHub to encourage developers to build new rental homes, instead of condominiums for sale. The province is contributing approximately $23.6 million in low-cost construction financing for the project, which developers will pay back.
The project is expected to wrap up in 2022.