Province preserves affordable housing in Hope
HOPE - Families and individuals living in The Ryder apartment building in the District of Hope can remain in their rental homes.
The Province bought the property, preventing much-needed affordable housing from being absorbed into the private market.
"The current cost-of-living crisis is making it harder for people to find affordable housing options, and people living in Hope are not exempt from the struggle," said Ravi Kahlon, Minister of Housing. "By making this investment we're ensuring there are affordable housing options for all British Columbians now and in the future."
The Province, through BC Housing, provided an $8.7-million Shovel-Ready Housing grant to the Fraser-East Affordable Housing Society for their purchase and ownership of The Ryder, at 1270 Ryder St.
"The district welcomes the proactive approach by the Province and BC Housing to further provide affordable housing for our residents," said Victor Smith, mayor, District of Hope. "We will continue to work with the Province to address the shortage of such affordable housing options in Hope."
Built in 2019, the three-storey building has 40 homes, ranging from studios to three-bedroom units.
"The partnership between the Province, through BC Housing and Fraser-East, will allow for a continuum of housing to be maintained in Hope, and we are pleased that these units will remain as affordable housing stock," said Susan Johnston, board chair, Fraser-East Affordable Housing Society.
The purchase is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 77,000 homes that have been delivered or are underway, including more than 170 in Hope.
- An independent appraisal of the site was completed in March 2023 and supports the purchase price.
- The property was assessed at $8.55 million.
- The difference between the appraised value and the $8.7-million grant includes taxes and closing costs.
To learn about government's new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
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/