229486
225768
Kelowna  

Innovative affordable townhouse development planned

Innovative affordable homes

A local nonprofit developer trying to provide homes 25 per cent below market value now has a formal proposal before the city.

The YeYe Housing Society has filed an application for a 20-unit townhouse development at 1030 Houghton Road.

The group is fronted by Kelowna-Lake Country MLA Norm Letnick, who was involved in a similar project in the early 90s in Banff that ended up building 200 homes in five years.

The goal is for potential homeowners to own about 75 per cent of the equity in the home.

"Then they have all the pleasures and responsibilities of owning a home in Kelowna,” Letnick said in a previous interview.

"The only difference is they only pay 75 per cent of the market price of the house instead of 100 per cent."

For example, if the cost of construction is $300,000 and the market value is $400,000, that would work out to 75 per cent of market value.

Should the owner sell the home in the future for, say, $500,000, they would receive 75 per cent of the sale, $375,000, with the society, who retained the other 25 per cent, receiving the remaining $125,000.

The proposal now before city hall includes a unit breakdown of 10 one-bedroom units, six two-bed units, four three-bed units as well as four purpose-built wheelchair accessible units.

The plan will need development variances for reduced parking — 23 stalls instead of the required 33. The application says it's likely the units will be occupied by single or no-car households.

The proposal also has less than half the required outdoor amenity space, something that the society feels will not impact residents due to the close proximity of Ben Lee Park.

The application is still many weeks from going before city council.



More Kelowna News

225429
233370
RECENT STORIES
Castanet Classifieds

228841


233370


228921
225778


Kamloops SPCA Featured Pet

Toy Toy
Toy Toy Kamloops SPCA >






Recent Trending
Castanet Proud Member of RTNDA Canada
231338