Local Community Advertising
Kelowna-Lake Country MLA Norm Letnick isn't just looking at policies to address housing affordability, he's rolling up his sleeves and doing something about it.
Letnick hopes his YeYe Housing Society project on Houghton Rd in Rutland provides a template that can be replicated to make a real difference.
If approved by council, the project aims to get 20 families into the real estate market at about 75% of the market cost.
"That's what we're shooting for," said Letnick. The savings can be accomplished because a non-profit enterprise is developing it and the buyers will pay only the cost of the project, not the land.
The cost of the land will come back to the land owner over time, because if and when the unit owners sell, 25% of the proceeds go to paying the land owner their share.
"So we're delaying the money going to the land owner, they get a tax benefit for that plus they benefit from the appreciation of the value of the land if the land goes up in value," Letnick explained. "And they do a great thing for our community."
The plan is for 10 one-bedroom, six two-bedroom and four three-bedroom units split between three levels.
It's proposed for a property currently home to a four-plex in the 1000 block of Houghton Road.
The Society is asking for variances on the amount of amenity space included and the number of parking stalls.
Letnick expects it to clear those hurdles.
The scheme is modelled after one that Letnick was involved with in Banff decades ago, so there's proof it can work.
"We did 200 homes in the course of five years in the late 90s," he said. "As I understand it, most of the occupants of those homes still live there."
"Our hope is that this is just a prototype for Kelowna," he said. "We'll start with 20 here but this can be replicated anywhere."
Construction could begin as early as next year.
Local Community Advertising