Below-market rentals will benefit people in Comox

March 11, 2022 at 9:42 am  BC, News, Politics, Provincial

The Province, the Town of Comox and M’akola Housing Society have secured six below-market rental homes for people with low and moderate incomes.

“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. “Thank you to the Town of Comox and M’akola Housing Society for working with our government to secure these homes that will make life more affordable for people in the community.”

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.

The Province and the town, through its affordable housing reserve, contributed matching grants of approximately $437,000. The Province is also providing low-cost financing of up to approximately $410,000 to M’akola Housing Society, which will own and operate the six units.

“On behalf of Comox council, I wish to thank the Province for its continued commitment to affordable housing in Comox and M’akola Housing Society for its collaboration with the town in helping to make this important project a reality,” said Russ Arnott, mayor, Town of Comox.

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 (SAFER) program to further reduce rents.

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

People will start moving in on March 15, 2022.

Since 2017, the Province has funded more than 300 affordable new homes that have been completed or are underway for people in the Comox Valley.

Learn More:

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/

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