The first steps were taken to waive development costs charges for an affordable housing project in Lake Country during Tuesday night’s regular council meeting, according to Mayor James Baker.
READ MORE: First steps made for affordable housing developments in Lake Country
The District of Lake Country and Urban Matters, a community contribution company has created a non-binding agreement to work towards an affordable housing project that would see up to 200 units on Jensen and Hill Roads.
The total amount of DCC’s waived equals $2.4 million for the properties which council has agreed to give first, second and third reading to, according to a report which was presented to council Tuesday night. Council also passed recommendations from staff which restrict the housing to rental units, and the Jensen Road building be used for affordable housing for at least 20 years.
“The dedication of the land adjacent to the Nexus site had been identified as a DCC funded purchase. The purchase will no longer require payment out of DCCs, thus satisfying the parks burden,” district staff said in a report to council.
Urban Matters recently partnered with EllisDon Corporation and The Society of Hope to develop and manage the project.
Council had previously agreed to give first and second reading to rezone the property on Jenson Road from rural residential to medium density multiple housing.
“The plan for the property is to construct a 109 unit development consisting of 24 row house units and an 85 unit apartment building to house families and seniors, on the condition that the project is able to secure funding from BC Housing and the northern portion of the property is to be dedicated to the district in exchange for a like amount of district-owned land at 3151/3165 Hill Rd,” according to the report which was previously presented to council.
“The applicant plans to construct a mixed-use development at 3151/3165 Hill Rd. consisting of an apartment building with 77 affordable housing units, and approximately 10,000 sq. ft. of institutional/civic space on the ground floor that is to be dedicated to the district as part of the land exchange agreement,” the report said.
Society of Hope executive director Luke Stack said he expects he won’t hear back from BC Housing until January and if all goes as planned, construction of the buildings would start in two years, with completion in four years.
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