Image Credit: Contributed/Town of Osoyoos
February 09, 2017 - 9:25 AM
OSOYOOS - The Near-Market Affordable Housing (NMAH) Program will operate in designated areas of the Town of Osoyoos. The Program is intended to deliver lower cost affordable homes at a subsidized discount below comparable market housing to qualified applicants needing assistance for moving to self-sufficiency, particularly younger families.
Participating Developers will build and help subsidize a required share of modestly-priced affordable homes in their residential projects as a condition of zoning approval, and will sell them to approved program recipients registered on an NMHA Waiting List by the Town’s Affordable Housing Authority (AHA). * see Policy PLA-017.
To guard against affordable home recipients receiving windfall profits from a public program and to maintain the Town’s affordable housing pool, they can only resell their units at a controlled profit for a thirty (30) year term from first occupancy.
Policy PLA-017 Near Market Affordable Housing (NMAH) Program Guidelines
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