A prototype housing project aims to give first-time Kelowna home buyers a hand up.

YeYe Housing Society is bringing the development to the city. President Norm Letnick, who is also the Kelowna-Lake Country MLA, said housing units will be made available to first-time buyers at 75 per cent of the market price.

乌鸦传媒淚t乌鸦传媒檚 20 units stacked townhouse,乌鸦传媒� said Letnick. 乌鸦传媒淭he location is at the corner of Fleming and Houghton乌鸦传媒� it乌鸦传媒檚 just about ready to go to city hall for development permit process approvals.乌鸦传媒�

He referenced a 200-unit project in Banff, during his time on council, in the mid-90s that offered at 25 per cent below market price. Letnick is encouraging interested buyers to have a look at the Kelowna project on YeYe乌鸦传媒檚 website.

乌鸦传媒淭o see what the project is and see whether it fits for them or their lifestyle.

乌鸦传媒淔ill out the questionnaire so we can understand whether or not we乌鸦传媒檝e designed something that hits the right marketplace. If not we can always make some changes.乌鸦传媒�

Letnick noted this is not a government-subsidized housing project, but sponsors from the private sector. A qualified, first-time buyer would be able to purchase a home at 75 per cent of the current market price. When that buyer sells, they would receive 75 per cent of whatever the home sells for. The remaining profit would go back to the developers.

乌鸦传媒淭he home buyer will be paying 100 per cent of our costs,乌鸦传媒� said Letnick. 乌鸦传媒淲hat they乌鸦传媒檙e not paying is any developers乌鸦传媒� profit, and they乌鸦传媒檙e not paying for the land, so that乌鸦传媒檚 where the bulk of the 25 per cent is coming from.乌鸦传媒�

Letnick noted that relationships with other partners also help reduce the costs, but are only being asked to participate in the prototype project.

Land for the project is being provided by a private person, however, details were not disclosed.

乌鸦传媒淭here are many ways the land can come to us,乌鸦传媒� said Letnick. 乌鸦传媒淲e could find someone who is willing to lend it to us if they don乌鸦传媒檛 need the money right away. When the first-time home buyer then sells their home many years from now, the second buyer will pay for the land. That乌鸦传媒檚 how the land partner gets their money.乌鸦传媒�

Letnick added YeYe is also open to donations of land to build on.

He also pointed out the city has been encouraging rental housing, and BC Housing is building units for people requiring income assistance.

乌鸦传媒淚 would argue that most of that supply isn乌鸦传媒檛 aimed at these first-time homebuyers that we乌鸦传媒檙e aiming for. So how do we measure success? One, happy family or individual at a time.乌鸦传媒�

More information about the Houghton Road project can be found on the .

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gary.barnes@kelownacapnews.com
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