May 03, 2016 - 5:00 PM
KELOWNA - The city signed off on six housing rental agreements yesterday, covering 329 units, the most ever covered by the rental housing incentive program.
Planner specialist Ross Soward says the incentives, which are delivered as development cost charge credits, will see $320,000 divided by the number of units, which works out to about $970 per unit.
“I think this is a pretty clear recognition by developers there is a real demand for rental housing,” Soward says.
The agreements were approved by council in November 2015 and all six developments have since moved to the building permit stage.
Three of the grant recipients are non-profit societies working with B.C. Housing while the other three are private developers.
The Society of Hope will designate 78 units as rental in its project at 2065 Benvoulin Ct.
Okanagan Metis and Aboriginal Housing Society will also designate 78 rental units in a building at 1170 Highway 33 and the Ki-Low-Na Friendship Society will designate 86 units as rental in a building at 1745 Chapman Pl. in the new Central Green development.
Unico One Developments Ltd. will designate 23 rental units at 125 Dundas Rd.
U-Three Mission Group Rentals Ltd will designate 55 units at 805 Academy Way and Davara Holdings Ltd. will provide nine units for a building at 305 Homer Rd.
Kelowna has been struggling with a razor thin vacancy rate of 0.7 per cent in recent months.
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