Revelstoke affordable housing proposal moves one step closer to CBT funding
An affordable rental housing proposal from Revelstoke has moved one step closer to receiving funding from a joint initiative between the Columbia Basin Trust and BC Housing.
The Revelstoke Community Housing Society was selected along with groups from Salmo, Fernie and Nelson to move onto the next phase of the Affordable Rental Housing Initiative (ARHI).
"It's pretty exciting we've been shortlisted and we're one step closer to reality," said Mark McKee, the chair of the Revelstoke Community Housing Society.
CBT and BC Housing have both put forward $5 million towards ARHI, which aims to develop affordable housing throughout the Columbia Basin.
The Revelstoke Community Housing Society submitted a proposal for 12 three-bedroom townhouses of about 1,100 to 1,200 square-feet in size that will be rented out for about $650 each, said McKee.
He said the rental rate is possible due to the potential funding from ARHI and land from the city. "That's the only way we can make it affordable."
"There is criterion on who it can be rented to. We also have to look at the market place. Rents are slowly coming down and what direction is the community going. These are questions we have to be answering."
The society must now develop a full response, including business plan, for its proposal.
"We now have an opportunity to fine tune our proposal to make sure everything is viable," said McKee.
The final grant decision will not be made until the next phase of the process and the amount of money Revelstoke will receive is still unknown, but McKee sounded positive.
"With land being available and we have another project under our belt, that bodes well for us," he said.