The city's stock of affordable housing is to increase once again with the start of construction of an apartment building on the corner of Kenney and Agar on the Southside.
It will cost $7.6 million with $6.4 million coming from the provincial government's B.C. Housing agency and $1.2 million through a program run by the federal Canada Mortgage and Housing Corporation.
The four-storey building will have 39 units and be operated by the 'Ksan Society via an annual $930,000 operating grant. Sixteen of the building's 39 units will have two or three bedrooms and aimed at larger families, indicates provided information from BC Housing.
Other units will be designed for people who may have mobility issues and be constructed so that they can be modified as mobility needs change.
The building will be ready for occupancy in the winter of 2026 and the builder is IDL Projects.
Long time Terrace residents will remember that an apartment building once stood on the same piece of property. It burned down several decades ago.
"Final rental rates will be determined closer to the building opening and will vary depending on unit size and tenant income," said B.C. Housing. "Good progress has been made, and we’re going to keep going so people can find good homes in communities they love."
B.C. Housing sets out a number of conditions for those applying for an affordable housing subsidy.
For families, before-tax annual household income cannot be higher than $60,000 and a family must have at least one dependent child who is under 19 or under 25 if that person is a full time secondary or post secondary student. The family cannot have assets of more than $100,000. As well, more than 30 per cent of total household income must now go on current rental accommodation.
There is now a province-wide maximum rent amount to be eligible for the rental assistance program. It is $2,200 for a family of four or more and $1.900 for a family of three or less.
'Ksan already operates a number of housing units in Terrace, including another apartment-style building called Stoneridge Estates on Haugland on the Southside.
