A prototype housing project aims to give first-time Kelowna home buyers a hand up.
YeYe Housing Society is bringing the development to the city. President Norm Letnick, who is also the Kelowna-Lake Country MLA, said housing units will be made available to first-time buyers at 75 per cent of the market price.
91裸聊视频淚t91裸聊视频檚 20 units stacked townhouse,91裸聊视频� said Letnick. 91裸聊视频淭he location is at the corner of Fleming and Houghton91裸聊视频� it91裸聊视频檚 just about ready to go to city hall for development permit process approvals.91裸聊视频�
He referenced a 200-unit project in Banff, during his time on council, in the mid-90s that offered at 25 per cent below market price. Letnick is encouraging interested buyers to have a look at the Kelowna project on YeYe91裸聊视频檚 website.
91裸聊视频淭o see what the project is and see whether it fits for them or their lifestyle.
91裸聊视频淔ill out the questionnaire so we can understand whether or not we91裸聊视频檝e designed something that hits the right marketplace. If not we can always make some changes.91裸聊视频�
Letnick noted this is not a government-subsidized housing project, but sponsors from the private sector. A qualified, first-time buyer would be able to purchase a home at 75 per cent of the current market price. When that buyer sells, they would receive 75 per cent of whatever the home sells for. The remaining profit would go back to the developers.
91裸聊视频淭he home buyer will be paying 100 per cent of our costs,91裸聊视频� said Letnick. 91裸聊视频淲hat they91裸聊视频檙e not paying is any developers91裸聊视频� profit, and they91裸聊视频檙e not paying for the land, so that91裸聊视频檚 where the bulk of the 25 per cent is coming from.91裸聊视频�
Letnick noted that relationships with other partners also help reduce the costs, but are only being asked to participate in the prototype project.
Land for the project is being provided by a private person, however, details were not disclosed.
91裸聊视频淭here are many ways the land can come to us,91裸聊视频� said Letnick. 91裸聊视频淲e could find someone who is willing to lend it to us if they don91裸聊视频檛 need the money right away. When the first-time home buyer then sells their home many years from now, the second buyer will pay for the land. That91裸聊视频檚 how the land partner gets their money.91裸聊视频�
Letnick added YeYe is also open to donations of land to build on.
He also pointed out the city has been encouraging rental housing, and BC Housing is building units for people requiring income assistance.
91裸聊视频淚 would argue that most of that supply isn91裸聊视频檛 aimed at these first-time homebuyers that we91裸聊视频檙e aiming for. So how do we measure success? One, happy family or individual at a time.91裸聊视频�
More information about the Houghton Road project can be found on the .
READ MORE: Bowling, golf amenities in proposed residential development in Kelowna
gary.barnes@kelownacapnews.com
Like us on and follow us on and subscribe to our daily and subscribe to our daily newsletter.
