Image Credit: ADOBE STOCK
January 11, 2019 - 3:05 PM
KELOWNA - Kelowna city council is being asked to forego $320,000 in taxes to help build 395 new rental housing units in 2019.
Kelowna’s rental vacancy rates improved in 2018 but still sat at a low 1.9 per cent of all rental units by last fall. That’s an improvement from 0.2 per cent the year before due, in part, to the city providing rental housing grants.
While the overall vacancy rate is better, there’s still a shortage, particularly, of two-bedroom units with a vacancy rate of 0.9 per cent, states a report going to council on Monday, Jan. 14.
The city has set a goal of 400 new rental housing units each year, with some of those designated as affordable or subsidized. In order to qualify for the grants, owners have to sign an agreement to keep the units in the rental market for a minimum of 10 years.
The six applications going to council on Monday include 189 units defined as affordable. Those include 49 units on Highway 33, 40 on Cawston Avenue, 36 on Sutherland Avenue and 64 on Benvoulin Court.
Market rental projects include 31 units on Pacific Avenue and 175 on Drysdale Boulevard.
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