Posted 16 February 2022 - 08:14 AM
Haven is 70% sold now, btw.
The province issued the following press release today:
🔹Province outlines partnership with developer on delivery of over 100 middle-income condominiums to downtown Victoria🔹
Middle-income homebuyers have the opportunity to purchase more than 100 affordable new homes in Victoria, thanks to an innovative partnership between the Province, through BC Housing, and Chard Development.
Located at 1109 and 1115 Johnson St., Haven will be a six-storey condominium with 104 homes, including a mix of studio, one-bedroom, two-bedroom and three-bedroom units. All units are reserved for families, seniors and individuals with middle incomes. Buyers will receive a no-interest, no monthly payment second mortgage to support their purchase. This second participating mortgage assists the buyer on the equity portion of their purchase, helping reduce the income required to obtain a first mortgage and reducing its monthly payments.
Qualifying buyers must have a combined household income no greater than $118,440 for homes with fewer than two bedrooms and an income no greater than $168,310 for homes with two bedrooms or more. Buyers will be required to make the home their primary residence for the first five years.
These new homes are being built in partnership with Chard Development through BC Housing’s HousingHub: Affordable Home Ownership Program (AHOP). The program was created to allow BC Housing to partner with the development community and municipalities throughout the province to create new homeownership opportunities for middle-income households.
“As a long-standing, family-owned developer, we take our role in the fight to improve housing affordability seriously,” said Byron Chard, president and CEO, Chard Development. “Haven is our second affordable homeownership offering in partnership with BC Housing and is a reflection of our commitment to creating a diversity of housing in Victoria.”
BC Housing will administer the interest- and payment-free second mortgages for all 104 homes. Buyers will not need to repay the mortgages until the 25-year term limit expires or if they sell their home. At the time of repayment, the homeowner must repay the proportionate share of the current market value of the home. For example, if the home was purchased with a 10% AHOP mortgage, the homeowner must repay 10% of the current fair market value at the time of repayment. The value from that investment is then returned to the municipality to re-invest in affordable housing.
These new homes are part of a larger development by Chard Development that will bring housing, a day care and commercial space to the Fernwood neighbourhood.
Construction on Haven is already underway and expected to be complete by early 2024. The homes are open for presale. Interested buyers can visit: www.havenbychard.com
Kapten Kapsell likes this
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