More affordable housing for Vernon is a step closer.
The city has given three readings to a bylaw that will see it enter into a housing agreement with the Okanagan Village Housing Society and its proposal to build affordable homes at 6546 Okanagan Landing Rd. The society proposes a six-storey, 101-unit affordable rental building for families, seniors, and individuals.
Council unanimously agreed to spend nearly $520,000 from its affordable housing reserve to cover municipal development cost charges (DCC) for the building, which will feature apartments.
The society will redesignate the property, which backs onto Vernon Creek and is next to Marshall Fields, from Residential Low Density to Residential High Density, and to rezone the site from Agricultural and Rural Small Block to Medium Scale Housing.
The society and city have to set terms of the housing agreement including housing tenure type; availability to specific groups; and management; rent, sale, and/or lease prices; and administration of the units.
Eligibility is based on BC Housing income limits, and residents have to have lived in Greater Vernon for at least a year (with exceptions for those with significant needs).
Asked by Coun. Brian Guy if that eligibility applies to two people in a couple, or just one of the two, city staff said they did not know the answer, but would report back.
The project is eligible for DCC waivers for 70 per cent of the units (71 units); a rental housing incentive grant up to $4,000 per unit, which may be applied to the remaining 30 per cent of the units (30 units); and a property tax exemption. Exact cost implications are still to be determined.
The balance of the Affordable Housing Reserve will be approximately $50,517.62.
Coun. Kari Gares asked if the affordable housing reserve would be replenished.
Director of financial services, Elma Hamming, explained the city tops up the fund with $75,000 from casino revenue each year.
