CHILLIWACK, B.C. – The Government of British Columbia has partnered with Canada Mortgage and Housing Corporation, the City of Chilliwack and Chilliwack Community Services to build The Paramount, a building available to adults between the ages of 19 and 25, and seniors with low to moderate incomes.
The Paramount connects young adults leaving the child welfare system with seniors in the community, a release said, which will help grow an informal network of support between generations and address an established need for community and connections.
“We need to make sure Chilliwack stays a place where young people can put down roots and seniors on fixed incomes can live comfortably. That’s why our government is supporting unique housing solutions like the Paramount. This affordable intergenerational housing complex for young adults who were formerly youth in care and seniors is the first of its kind in British Columbia and will provide residents with community, support and belonging,” B.C. Premier David Eby said in the release.
The Paramount is a six-storey building at 46187 Yale Rd. and eight of the building’s units will go to young adults while 58 units go to seniors in need.
B.C. through BC Housing provided approximately $105,500 toward construction of the project through the Building BC: Community Housing Fund and will provide approximately $390,000 in annual operating funding.
Approximately $7 million in joint funding came from the Government of Canada, through the Canada Mortgage and Housing Corporation, and Province of British Columbia, through Canada Community Housing Initiative, and BC Priorities Housing Initiative under the Canada – British Columbia Bilateral Agreement under the National Housing Strategy.
The City of Chilliwack provided the land valued at $1.4 million and approximately $1 million in waived fees and development costs. Chilliwack Community Services contributed equity of approximately $3.5 million.
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