37 New Affordable Rental Homes Coming to Tofino
TOFINO – A recent announcement for 37 new affordable rental homes was welcome news in Tofino. The Province of BC announced a combined investment of over $7 million to create the rental units.
The three-storey low-rise apartment building is located at 363 Peterson Drive and will feature a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartment homes, including eight fully accessible units. There will also be indoor and outdoor common spaces, laundry facilities, and an indoor amenity room for families, seniors and members of the local community with low to moderate income.
“The District of Tofino is extremely pleased to work with CMHC and BC Housing in our efforts to ensure all Tofino residents have access to comfortable, accessible, and affordable homes,” said Dan Law, Mayor of the District of Tofino.
The site is located within 1 kilometer of public transit, grocery stores and a neighbourhood park. Construction is expected to be complete in winter 2023.
“Tofino’s need for housing is acute, exacerbated by a combination of strong demand for vacation homes and service-oriented tourism economy. We are pleased that CMHC and BC Housing continue to support developing the housing we need in Tofino for our workers, young families, seniors and others with lower incomes,” said Ian Scott, Interim Executive Director, Tofino Housing Corporation.
The Tofino Housing Corporation (THC), which was formed to facilitate development and operation of below market housing in Tofino, provided the land for the project, with a ground lease to Catalyst, after the land was transferred from the District to THC.
Funding provided for this project is as follows:
- $1.85 million from the federal government, through the National Housing Strategy’s National Housing Co-Investment Fund (NHCF)
- $4.15 million from the provincial government, through BC Housing’s Community Housing Fund
- $936,000 in land equity from the District of Tofino
- $440,000 grant from the Tofino Housing Corporation
- $98,000 in cash equity from Catalyst Community Developments Society
“363 Peterson Drive is a project badly needed by the people that choose to work and live in Tofino. We are excited to be closer to the day when this project becomes a home for its community members. This partnership between Catalyst, the District of Tofino, the Province and the Government of Canada enables us to ensure working families, seniors and individuals have affordable, quality housing they need, not a moment too soon,” commented Luke Harrison, President, of the Catalyst Community Developments Society.
Catalyst is the non-profit developer, owner and operator of the project.
Half of the units will be rent-geared-to-income where rent is 30 per cent of the tenant’s income; 20 per cent of the units will be rented to people with very low incomes, such as those receiving income or disability assistance; and the remainder will be at or below-market rent.
Business Examiner Staff
