A prototype housing project aims to give first-time Kelowna home buyers a hand up.
YeYe Housing Society is bringing the development to the city. President Norm Letnick, who is also the Kelowna-Lake Country MLA, said housing units will be made available to first-time buyers at 75 per cent of the market price.
香蕉视频直播淚t香蕉视频直播檚 20 units stacked townhouse,香蕉视频直播� said Letnick. 香蕉视频直播淭he location is at the corner of Fleming and Houghton香蕉视频直播� it香蕉视频直播檚 just about ready to go to city hall for development permit process approvals.香蕉视频直播�
He referenced a 200-unit project in Banff, during his time on council, in the mid-90s that offered at 25 per cent below market price. Letnick is encouraging interested buyers to have a look at the Kelowna project on YeYe香蕉视频直播檚 website.
香蕉视频直播淭o see what the project is and see whether it fits for them or their lifestyle.
香蕉视频直播淔ill out the questionnaire so we can understand whether or not we香蕉视频直播檝e designed something that hits the right marketplace. If not we can always make some changes.香蕉视频直播�
Letnick noted this is not a government-subsidized housing project, but sponsors from the private sector. A qualified, first-time buyer would be able to purchase a home at 75 per cent of the current market price. When that buyer sells, they would receive 75 per cent of whatever the home sells for. The remaining profit would go back to the developers.
香蕉视频直播淭he home buyer will be paying 100 per cent of our costs,香蕉视频直播� said Letnick. 香蕉视频直播淲hat they香蕉视频直播檙e not paying is any developers香蕉视频直播� profit, and they香蕉视频直播檙e not paying for the land, so that香蕉视频直播檚 where the bulk of the 25 per cent is coming from.香蕉视频直播�
Letnick noted that relationships with other partners also help reduce the costs, but are only being asked to participate in the prototype project.
Land for the project is being provided by a private person, however, details were not disclosed.
香蕉视频直播淭here are many ways the land can come to us,香蕉视频直播� said Letnick. 香蕉视频直播淲e could find someone who is willing to lend it to us if they don香蕉视频直播檛 need the money right away. When the first-time home buyer then sells their home many years from now, the second buyer will pay for the land. That香蕉视频直播檚 how the land partner gets their money.香蕉视频直播�
Letnick added YeYe is also open to donations of land to build on.
He also pointed out the city has been encouraging rental housing, and BC Housing is building units for people requiring income assistance.
香蕉视频直播淚 would argue that most of that supply isn香蕉视频直播檛 aimed at these first-time homebuyers that we香蕉视频直播檙e aiming for. So how do we measure success? One, happy family or individual at a time.香蕉视频直播�
More information about the Houghton Road project can be found on the .
READ MORE: Bowling, golf amenities in proposed residential development in Kelowna
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