The Ksan House Society's Ksan Estates affordable housing complex is closer to being built but still has a way to go to secure the needed finances.
At its regular meeting March 13, council was asked to approve the development permit for Ksan Estates, the upcoming housing project for low income or disabled individuals and families.
The 45-unit, three-storey building is to be owned by Ksan House Society and will be built on the lots of 4616-4622 Haugland Ave., close to the society's Hall St. short-term housing and emergency shelter building.
Ksan Estates will target individuals and family in core housing need, as well as individuals with disabilities, said city planner Tara Irwin.
Core housing need can be defined as a household that is spending 30 per cent or more of its before-tax income to access acceptable local housing, she said.
City development services director David Block is working on the final stages of the lease agreement – the city owns the long-term lease for the portion of land where the Ksan Estates development is set to be constructed and construction is expected to begin when that is completed, said Irwin.
The project will have 53 parking spaces which are expected to be enough for its residents and visitors, said Irwin.
Last year, the province announced it had committed $8 million to the project and the city said it would give $200,000 to offset the costs of development and building permits, water and sewer service upgrades.
But the project has been estimated to cost $13.5 million, leaving a big gap in what the society still needs.
At that time, acting executive director and director of housing for Ksan House Society Elaine McGillivray said the project was still in the early stages so the society would have to review and have its budget approved and then it would know how to get the extra money.
“We will have to negotiate the budget with BC Housing,” she said, adding that was all the information she had at that time.
“We need to look at the budget and see how we can make it all work.”
Affordable housing means that the units will not be subsidized by BC Housing, she added about how affordable housing is defined.
The rent will be about 30 per cent below market rents, which are determined by the Canadian Mortgage and Housing Corporation, added McGillivray.