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Attainable Housing Initiative to Build 2,600 Units Under Market Value
November 25, 2024
Attainable Housing Initiative to Build 2,600 Units Under Market Value
A new partnership between the Musqueam, Squamish, and Tsleil-Waututh First Nations (“MST”) and the BC government will see up to 2,600 new housing units built with 40% of it's financing covered by the province.
The homes that are part of the new Attainable Housing Initiative are built on a 21-acre site located between West 33rd and 37th Avenues in Vancouver called the Heather Lands and will cost buyers the remaining 60% of the market value not covered by the province.
Potential buyers must meet several conditions, including being Canadian citizens or permanent residents intending to use the home as a principal residence, and having a pre-qualified mortgage with a minimum deposit of 5% of the 60% purchase price.
The units will be sold under 99-year strata leases from MST and the The 40% financing to be provided by the government is to be repaid at the end of 25 years, or when the owner sells the unit, whichever comes first.
The BC government has confirmed that this financing model could be expanded to other real estate development projects in the province.
Lawyer
Aman Bindra and his team assist clients with all real estate, banking, and business matters, including purchases and sales of real estate and businesses, borrowing and lending, land development and construction, and leasing.
Aman has extensive experience working with individual, business and corporate clients throughout British Columbia. He regularly advises on and prepares agreements relating to land, asset, and share purchases, financings, and construction projects, and he assists with leasing, incorporations, partnerships, corporate reorganizations, and more.
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