Photo of Harbour Ridge by Quadra Homes
WEST KELOWNA – Thanks to recent government funding, residents of West Kelowna will now have access to more stable rental housing options.
Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, announced a $34.5 million low-cost loan that helped construct Harbour Ridge, a 120-unit residential building located at 1750 Old Ferry Wharf Rd in West Kelowna, BC.
“We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Our government’s Rental Construction Financing initiative (RCFi) is helping West Kelowna to increase its supply of new rental developments. When it is complete, Harbour Ridge will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in West Kelowna,” said Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC).
Harbour Ridge, developed by Quadra Homes, is a 5-storey mixed-use building that features 120 units ranging from one-, two-, and three-bedroom units, and will provide West Kelowna with much needed rental housing.
Ten per cent of the units meet or exceed municipal accessibility standards. The project is designed to achieve a minimum 35.1 per cent decrease in energy intensity and 35 per cent decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
“Quadra Homes would like to thank the Honourable Ahmed Hussen, Minister responsible for CMHC, and the entire team at CMHC for their positive response to this housing need. Working with CMHC on this project under the Rental Construction Financing Initiative was a seamless process, which rapidly responded to the need for affordable housing in the Okanagan. Harbour Ridge is another example of the Federal Government taking the lead in working with the private sector and stakeholders to provide badly needed affordable housing and at the same time protect the interests of the taxpayers. We could not have done this project without the combined efforts of CMHC, West Bank First Nations, and all our consultants, contractors and suppliers who believed in the project and worked hard to bring it to completion. We are pleased to do our part in creating more affordable housing,” said Shawn Bouchard, Vice-President of Quadra Homes.