PENTICTON – The City of Penticton has taken a critical step forward with its goal to create more housing options for working professionals and families in the community.
The New Vista Society is the successful proponent to deliver a 60-unit rental project at 971-999 Eckhardt Avenue W. The new development will provide additional housing for working people within Penticton’s North Gateway area, with 20-30 per cent of units rented at 20 per cent below market rates.
“Housing availability is an ongoing challenge throughout our community and it’s innovative projects like this that will help to boost our housing supply,” says Mayor Julius Bloomfield. “This project is aimed at attracting the skilled workers and professionals that we require to sustain our local economy – including the nurses, teachers, electricians and other skilled tradespeople.”
City Council has signed an agreement to provide City-owned land on a 99-year lease for the project. The City and New Vista will work in partnership to finalize a lease agreement and secure funding and financing through the Province’s BC Builds program, with the goal of beginning construction in 2026. Building permit approvals will be completed this year.
Having a non-profit building owner and operator for this project ensures long-term affordability. Over time, the rents in this building will remain lower than market as the initial construction loan is paid off and residents are income-tested to meet the parameters of the BC Builds ‘middle-income’ program.
BC Builds works in partnership with non-profit groups, local governments, First Nations and the development sector to identify available underused land, provide financing and funding, and accelerate the delivery of projects that create more homes and help bring costs in line with what households with middle incomes earn.
“The New Vista Society is a non-profit charitable organization with more than 80 years of experience delivering affordable housing for communities. Since 1943, the organization has worked in partnership with all levels of government to develop and manage a broad range of housing programs that respond to the evolving needs of the community. New Vista is delighted to be in partnership with the City of Penticton on this project,” says Darin Froese, CEO of New Vista Society.
This Eckhardt Avenue project is one of three endorsed by Council to provide affordable housing options for seniors, workers and youth, with the remaining two locations being on Ellis Street and Galt Avenue.
Source: City of Penticton
