The B.C. government is investing $10.1 million in a five-storey apartment complex on the Kamloops North Shore so that it remains available for seniors.
The money will go to the Oncore Seniors Society allowing it to buy the 53-unit Silvercrest Suites building at 154 Vernon Avenue, between Tranquille and Fortune. It says it will ensure that the building is not sold to a private developer, which could lead to higher rents or people losing their homes to redevelopment.
“Our passion is to develop engaged communities that offer housing, services and activities that make a positive difference on the quality of life of our residents,” Mona Murray, the chair of the Oncore Seniors Society, said, in a statement.
“Through the tremendous support of BC Housing and Canada Mortgage and Housing Corporation, we are able to realize our vision. We are proud to continue providing affordable housing and other services to enhance the living experience for the residents at Silvercrest Suites.”
Under the agreement, the existing tenants at Silvercrest Suites will not be moved out. Their rental rates will also remain frozen.
The federal government, through the Canadian Mortgage and Housing Corporation, is also chipping in $830,000 toward the purchase of the building.
“By helping facilitate the purchase of this apartment building, we are making sure that seniors in Kamloops continue to have access to rental homes they can afford,” David Eby, B.C.’s Minister Responsible for Housing, added.
“Our government will continue to explore avenues, like BC Housing’s HousingHub, to give seniors and people in B.C. the security and peace of mind that comes with having an affordable place to call home.”