BRITISH COLUMBIA – Three properties in the Township of Langley have been selected as sites for BC Builds pre-zoned housing on public lands that will become rental homes for middle income people.
20230-72B Avenue, the 27200 Block of Fraser Highway and 7883-199 Street are the locations for the program announced in February that offers low-interest financing, grant funding and leverages government, community and non-profit-owned and underused land.
BC Builds is seeking proposals to connect residential developers and housing operators to the landowners of these pre-zoned sites through a new online platform on the BC Builds website. The sites will be developed into homes people and families with middle incomes living and working in that community can afford.
All BC Builds projects have a target of households with middle incomes spending no more than 30% of their income on rent.
Information is available on the BC Builds website for each parcel of land, which includes details about the property, evaluation criteria for housing proposals and proposal submission deadlines. BC Builds will facilitate partnership agreements and lease terms between landowners and developers, and help support the evaluation of proposals to match zoned land with developers and housing operators. Information about the submission process is also available on the website.
Some of the landowners are seeking proposals from First Nations, non-profit or private residential developers to deliver housing projects for their pre-selected housing operators. Other landowners are seeking proposals from developers and housing operators to enter into a long-term land lease, build, own and operate the housing on their land.
Once a developer and housing operator are identified, the BC Builds model will turn the identified sites from concept to construction in 12-18 months.
BC Builds is supported by a $2-billion low-cost financing from the provincial government and a provincial commitment of $950 million for the overall program, as well as $2 billion in additional financing from the federal government.
For projects in partnership with non-profits and First Nations, at least 20% of all BC Builds homes will have rents at least 20% below market rate. The rents for BC Builds homes will not exceed the market rent for that community and will, in many cases, be below market rent.
Other properties announced are 377 Tranquille Road in Kamloops, 1428 St. Paul Street in Kelowna, 421 Boivin Road in Elkford, 6671 Wadams Way in Sooke and 9800 Willow Street in Chemainus.
