The province, the Town of Comox and the M’akola Housing Society have secured six below-market rental homes for people with low and moderate incomes.
The one-bedroom homes are located at 695 Aspen St., where Highstreet Developments Ltd. is building 208 rentals and 24 condominium units. The developer agreed to sell the six units to the town at a below-market rate so they can be offered as permanent affordable rental housing.
The province and the town, through its affordable housing reserve, contributed matching grants of approximately $437,000. The province is also providing low-cost financing of up to approximately $410,000 to M’akola, which will own and operate the six units.
The homes will be rented below market at $805 per month. Seniors may be eligible to receive rental assistance through the Shelter Aid for Elderly Renters (SAFER) program to further reduce rents.
Tenants will start moving in this week.
“On behalf of Comox council, I wish to thank the Province for its continued commitment to affordable housing in Comox and M’akola Housing Society for its collaboration with the town in helping to make this important project a reality,” Comox Mayor Russ Arnott said.
Since 2017, the Province has funded more than 300 affordable new homes that have been completed or are underway for people in the Comox Valley.