The completion of Albert Place 2 adds 29 affordable rental units for families and seniors in Vernon.
The homes mark the second and final phase of the Albert Place housing project at 3610 25th Ave.
Monthly rents range from $420 to $1,676, depending on unit size and tenant income.
Some units will be rented to very low-income households, such as those on income assistance. Others will target low- or middle-income households.
“Affordable housing is essential to building strong and healthy communities. That’s why we’re tackling the housing shortage with new affordable homes for those who need it most,” Vernon-Monashee MP Harwinder Sandhu said in a news release.
The homes were built through a partnership between the province, BC Housing, the city of Vernon and the Canadian Mental Health Association, which operates both Albert Place and Albert Place 2.
“A top priority for City Council over the past four years has been to create more accessible and attainable housing for Vernon residents, and this project is just one example of how we are doing that,” said Vernon Mayor Victor Cumming.
The province has invested $3.1 million in the project and will provide $265,600 in annual operating funding. He also received $250,000 under the bilateral agreement between Canada and British Columbia under the National Housing Strategy.
CMHA Vernon provided the land for the building, valued at $372,000, and the City of Vernon waived $208,000 in development fees.
The project is part of British Columbia’s 10-year, $7 billion housing plan. Since 2017, the province has funded more than 36,000 new affordable homes in British Columbia that are complete or under construction, including more than 600 homes in Vernon.
“Everyone deserves a roof over their head and a place to call home. Providing safe and stable housing has never been more challenging for low to middle income families. Crushing monthly housing costs and fear of tenant evictions have become a reality for too many people in our community. Affordable housing is an important issue in Vernon; the opening of Alberta Place 2 is critical as we continue to see increased demand for housing options for individuals and families,” said Julia Payson, Executive Director of CMHA Vernon.