City council has approved a housing agreement for promised rental units in the Stoked Living development.
The bylaw sets the terms that 10 units be available for 12 years to residents of the community at a rent starting at $2,375 and that rates may be increased according to the BC Residential Tenancy Act.
With the project on Hay Rd. being constructed in phases, the developer has committed to including five of the 10 rental units in phase one of the project.
The development was subject to a public hearing on Sept. 17, with many residents in the area voicing concerns over densification, pedestrian access and safety as well as traffic concerns.
READ MORE: Public hearing closes, Hay Rd. decision coming up Sept. 22
Council voted to approve the project, with one of the conditions being that the developer and city enter into a housing agreement.
The development will see 59 housing units built on a property in Upper Arrow Heights and will include single-family homes, duplexes and townhouses.
The set rental rate is based on a City of Revelstoke report from August 2018 that stated rent in that rage would be achievable for a moderate to above moderate household income.
Generally rent would not be capped on market-rate purpose-built rentals, however due to the high demand for rental housing in the city, staff have been negotiating with the owner to target moderate income households.
READ MORE: UPDATED: Stoked Living development on Hay Rd. will move forward
Rivers Edge apartments are owned by BC Housing and currently being renovated.
READ MORE: Province purchases two properties in Revelstoke for affordable housing
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