Province buys Vernon apartment building to protect affordable housing
The BC government spent $3.1 million to purchase an apartment building in Vernon to protect 26 affordable rental homes.
Sunrise Gardens at 3806 24th Ave. in Vernon was at risk of being sold, according to a Ministry of Housing media release issued today, May 21, and that when the Rental Housing Fund stepped in.
"The Rental Protection Fund's purchase of Sunrise Gardens in Vernon means 26 people will continue to have deeply affordable housing in Vernon,” Housing Minister Ravi Kahlon said in the release.
"The Rental Protection Fund has saved this building from being sold to the private sector or to housing speculators, ensuring that these tenants will benefit from affordable rents for years to come.”
The Fund provided the lion’s share of the building’s price tag with approximately $3.1 million, while the Vernon branch of the Canadian Mental Health Association providing $40,000. The Fund will also spend $47,000 on each unit for upgrades.
The 26 units will be rented at 45% below the market rate in the city, the ministry said.
"We know that in order to address the housing shortage in Vernon, we need to create a wide range of affordable housing options,” Vernon Mayor Victor Cumming said in the release. “Investing in this type of housing and partnering with non-profit organizations like CMHA Vernon provides safe and accessible homes close to vital services.”
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