The city has entered into a lease agreement for the land for Revelstoke Community Housing Society’s Oscar St. project.
The lease agreement is for 60 years, with the society paying $1 per year for the property.
The development permit for the 24 unit project was approved by council in December and according to a staff report from the May 26 meeting, the building permit has been reviewed and city staff are in the process of finalizing the Works and Services Agreement.
READ MORE: City approves 24 unit affordable housing project
Other cost implications for the city include reduction of Development Cost Charges by 50 per cent as well as potentially waiving property taxes for the development.
Council committed to providing lands and assistance to the society for affordable housing in Jan. 2018. Later that year the society received funds for the project through the Columbia Basin Trust.
In 2018 a housing needs assessment for the city found that 208 subsidized housing units and 216 rental units were needed.
BC Housing is also currently doing renovations on two apartment complexes purchased in 2019.
READ MORE: Province purchases two properties in Revelstoke for affordable housing
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