NANAIMO – Middle-income families and individuals in Nanaimo will soon have access to 120 new, affordable rental homes in their community as construction gets underway on two new apartment buildings.
Construction is set to start in August on two apartment buildings at 4745 Ledgerwood Rd., which will provide 120 rental homes for people in Nanaimo, thanks to a partnership between the Province and WestUrban Developments.
The project is being built through BC Housing’s HousingHub, which was created by the Province in 2018. The HousingHub works with community, government, non-profit and private-sector partners to help create new affordable rental housing and home-ownership options for middle-income British Columbians.
Nanaimo Mayor, Leonard Krog
“We commend the Province of British Columbia and WestUrban Developments for their commitment to developing 120 new market rental units for middle-income earners in Nanaimo as these units will be a welcomed addition in our community, and will help move people along the housing continuum,” said Leonard Krog, mayor, City of Nanaimo.
The new rental homes are designed to be affordable for households with annual incomes between $44,000 and $76,000. The projects will have studio, one-bedroom, two-bedroom and three-bedroom homes. Monthly rents will range from $1,100 for a studio to $1,900 for a three-bedroom unit. Residents are expected to move in spring 2022.
Sean Roy, CEO, WestUrban Developments Ltd
“We are very excited to partner with BC Housing on another project to help address middle-income rental housing needs,” said Sean Roy, CEO, WestUrban Developments Ltd. “The HousingHub is a phenomenal program that is making a difference within British Columbia. This latest project will provide high-quality residential living in Nanaimo, and we look forward to continuing to partner with BC Housing on future developments.”
The Province, through the Housing Hub, is providing interim construction financing of up to $24.8 million for this project in Nanaimo.
