Construction has started on a new housing development that will offer close to 50 homes for low-income people in Terrace.
M’akola Housing Society and the province are partners on the project, which is being funded by a $10.3-million grant through BC Housing and over $750,000 from M’akola.
“We are pleased to bring more housing to the City of Terrace and this is possible through leveraging partnerships and relationships we have in the community,” said Kevin Albers, M’akola chief executive officer, in a media release.
“We are in a housing crisis, and it takes a collective effort to bring projects like this to fruition.”
Located at 4823 Lazelle Ave., the three storey building will have a total of 47 dwelling units and a common room. Construction is expected to be completed in the fall of 2022.
Rental rates will be split into two categories, with about 22 units earmarked as deep subsidy units. There will be five one-bedroom units starting at $375 per month, seven two-bedroom units starting at $570 per month, and seven three-bedroom units at $660 per month. Three units are designated as one-bedroom accessible.
The rental price of the remaining 25 units will be tied to tenant income. Nine of those rentals will have one bedroom, and the remaining 16 units will be split equally between two-and-three bedroom units.
Albers said that tenants will be selected from the BC Housing waitlist, with preference given to Indigenous applicants.
M’akola Housing Society is the largest Indigenous affordable housing provider in B.C.
READ MORE: Two more housing projects coming to Terrace