More than 140 affordable homes opening in Squamish

Squamish - Spirit Creek Apartments - family and seniors housing

Exterior view of new multi-unit rental building with event tent.

SQUAMISH - People in Squamish will have more affordable rental options to choose from with more than 140 new homes opening in two projects in the community.

"These two new developments will provide much-needed rental stock for people in Squamish and free up homes for other renters in the community," said Ravi Kahlon, Minister of Housing. "Housing affordability is an ongoing challenge across our province, but projects like these are a great start to ensuring people with stable household incomes can remain in the community they call home, close to their family and services they rely on."

Seventy-six rental homes are now open at Spirit Creek Apartments, located at 38648 Buckley Ave. The five-storey building has a mix of studio, one- and two-bedroom rental units for families, seniors and individuals with low to moderate incomes. The building will be operated by Sea to Sky Community Services Society.

"We are so pleased to be able to welcome residents to their new homes," said Jaye Russell, executive director, Sea to Sky Community Services. "Squamish is a fast-growing community desperately in need of affordable housing options and Spirit Creek delivers. Working in partnership with BC Housing and the District of Squamish we were able to offer 76 individuals and families a place to call home, helping to support a vibrant and diverse community."

Spirit Creek Apartments is located in Carson Place Park and includes a Foundry centre on the ground floor. The centre provides young people from 12 to 24 and their families access to free mental-health and addiction counselling, youth peer support and social services, and wellness programs. Funding for Foundry centres is provided by the Province as part of A Pathway to Hope, B.C.'s roadmap for making mental-health and addictions care better for British Columbians.

Closely neighbouring this project is Ashlu, located at 38012 3rd Ave., where another 67 homes will soon open in partnership with Eighth Avenue Development Group, through BC Housing's HousingHub.

This mixed-use development will provide market rental homes meant for middle-income households. The six-storey building is made up of one-, two- and three-bedroom rental homes, and includes three commercial retail spaces on the ground floor. Tenants are expected to move into the building in June 2023.

"There is an extreme shortage of rental apartments for middle-income households in the Sea to Sky corridor and Ashlu will provide 67 new rental apartments to the community," said Ed Kolic, principal, Eighth Avenue Development Group. "HousingHub is a valuable program that provided us with a lower-cost financing option that facilitated the project to be built as a rental, to meet the needs of the Squamish community."

This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered more than 74,000 new homes that have been completed or are underway, including more than 180 homes in Squamish.

Quotes:

Jennifer Whiteside, Minister of Mental Health and Addictions -

"Everyone in B.C. deserves services that meet their unique needs, including young people accessing primary care, mental-health and addictions support. By providing affordable homes and wellness supports for young people in one place our government is creating integrated services that make it easier for young people to access the services they need close to home, when they need them."

Armand Hurford, mayor, District of Squamish -

"There is an urgent need for affordable housing in our community. Solutions can only be realized with the collaboration and dedication from non-profit organizations, the development community as well as government partners. We thank everyone involved in these projects that will help to increase access to safe and affordable housing in Squamish."

Learn More:

To learn more about government's new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/

BACKGROUNDER

Facts about Buckley Avenue, 3rd Avenue homes

38648 Buckley Ave.

The Province, through BC Housing, provided approximately $8.06 million through the Building BC: Community Housing Fund to the project, and will also provide an annual operating subsidy of approximately $324,000.
The District of Squamish provided grant funding of approximately $509,000 and is leasing the land to the Sea to Sky Community Services Society at a nominal rate for a period of 60 years.
The Community Housing Fund is a $3.3-billion investment to build more than 20,000 affordable rental homes for people with moderate or low incomes.
Nearly 9,000 of these homes are open, under construction or in development across the province.
Applications for the building can be submitted here: https://www.sscs.ca/housing- application/.

38012 3rd Ave.

The development received approximately $23.5 million in financing through BC Housing's HousingHub.
Eighth Avenue Development Group provided approximately $5 million in cash equity, as well as all construction and development costs.
HousingHub was created in 2018 and works with communities and non-profit and private-sector developers to increase the supply of rental housing and homeownership options for British Columbians with middle incomes.
The Province does not directly fund HousingHub projects. Instead, the Province makes low-cost financing available to developers to build new housing.
Through HousingHub, developers receive loans with lower interest rates than would otherwise be available. The developers commit to pass construction cost savings on to prospective tenants and homeowners through more affordable rents and ownership opportunities.