The Ksan House Society affordable housing project still has aways to go to secure all the money needed to build its planned 45-unit, three-storey rental housing project on Haugland Ave. on the south side.
While the provincial government through its BC Housing agency last week committed $8 million to the project, its estimated cost is $13.5 million.
Acting society executive director and director of housing for Ksan House Society Elaine McGillivray said the project is still in the early stages.
It will now review its proposal and refine its budget with BC Housing before searching for the additional money.
“We will have to negotiate the budget with BC Housing,” she said, adding that was all the information she had at this time.
“We need to look at the budget and see how we can make it all work.”
The project is defined as affordable housing, meaning rental units will not be subsidized by BC Housing.
Instead rents will be about 30 per cent below market rents, which are determined by the Canadian Mortgage and Housing Corporation said McGillivray.
The City of Terrace has also committed financial assistance in the amount of $200,000 from its affordable housing fund.
That’ll be used to offset the costs of development and building permits, water and sewer service upgrades and other civil works as needed.
The property itself is owned by the city and it has agreed to provide it to the society for $10 a year for 60 years.
The provincial $8 million announcement came Nov. 22 and the Ksan project is one of 53 projects making up 2,404 units to have been approved by the province at a total cost of $437 million.
The Ksan House Society would own the three-storey complex which would be built on the lots of 4616-4622 Haugland, close to its Hall St. short term housing and emergency shelter building and adjacent to another housing project operated by the society.
An original concept for 39 units earlier this year was subsequently expanded to 45 units to maximize the project.
Some units will be designed and constructed for ease of access for those with physical limitations.