Merritt – BC Housing and Housing Hub have opened new rental homes on a 75-unit apartment project.
Located at 4010 Walters St., the four-storey apartment building has a mix of studio, one-, two-, and three-bedroom homes, including eight accessible units. Residents have access to a shared amenity space, which includes a gym, three common rooms, and a barbecue area outside. The development has 120 parking spots.
Monthly rents range from $1,020 for a studio to $2,380 for a three-bedroom apartment.
The project is being built in partnership with Olympic Villas Inc. through BC Housing’s HousingHub program. HousingHub was created in 2018 and works with communities and non-profit and private-sector developers to increase the supply of rental housing and homeownership options for middle-income British Columbians.
The Province does not directly fund HousingHub projects. Instead, the Province makes low-cost financing available to developers to build new housing. Through HousingHub, developers receive loans with lower interest rates than would otherwise be available. The developers commit to pass construction-cost savings on to prospective tenants and homeowners through more affordable rents and ownership opportunities.
The Province provided approximately $16.6 million in low-interest financing for this project, which will be repaid with interest by Olympic Villas Inc.
For more information about HousingHub, visit: https://news.gov.bc.ca/releases/2021AG0025-000720
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC
