VICTORIA -- More than 50 middle-income affordable rental homes are set to begin construction in Courtenay next month.
According to the provincial government, a total of 56 rental units will be built at the Residences at the Boulevard, an upcoming four-storey wood-frame building located at 621 Crown Isle Blvd.
The properties are intended for families or households with annual incomes between $48,000 and $74,000, with rental costs set at 30 per cent of the household income or lower.
Monthly rents are estimated to cost $1,200 for a studio, to $1,650 for a two-bedroom and $1,850 for a large two-bedroom unit.
"These new homes will give more people in Courtenay an affordable place to call home and help them stay in their community," said Ronna-Rae Leonard, MLA for Courtenay-Comox, in a news release Monday.
Funding for the project comes from the B.C. government's HousingHub program, which is a partnership between the government, local non-profit and private industry partners.
HousingHub will provide approximately $11 million in low-cost financing for construction, which is expected to reduce the cost of the overall project for the independent developer, WestUrban Developments.
"People at every income level should be able find the affordable housing they need in the communities they love," said Premier John Horgan in the same release.
