DLX on Third will see 180 suites ranging from microsuites to two bedroom units beginning in 2023. (BC Government)

By NanaimoNewsNOW Staff

AFFORDABLE HOUSING

New, provincially funded ‘affordable’ rentals in Nanaimo slated to be near-market rent

Sep 14, 2021 | 5:03 PM

NANAIMO — Billed as “affordable rental homes” by the province, new apartments slated near downtown and the Vancouver Island University won’t be much cheaper than what’s already available.

Construction of 180 new market rental homes will begin shortly at 560 Third St., set to be rechristened DLX on Third.

The pair of four-storey buildings will feature commercial units on the ground floor and rental units above, with Nanaimo mayor Leonard Krog saying in a provincial release the project fits in Nanaimo’s affordable housing strategy.

“These 180 new rental homes for middle-income earners meet the goals and objectives of our plans and, given our low rental vacancy rates, are a much-needed addition to Nanaimo’s rental market.

NanaimoNewsNOW confirmed the properties will be offered at near-market rent.

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The complex will consist of apartments ranging from micro-suites at around $900 per month, to two-bedroom suits at approximately $2,000 a month, according to the provincial Attorney General ministry.

Final pricing will be determined after construction is projected to be completed in the spring of 2023.

Nanaimo MLA Sheila Malcolmson said the “affordable rental housing project” will allow Nanaimo residents to live close to where they work, study or play.

“Our government is committed to building more homes like these in Nanaimo and across the province to address the housing crisis that has affected so many.”

Construction of DLX on Third is being financed through $35.9 million in government loans to Wertman Development Corporation.

The money stems from the province’s HousingHub program, a $2 billion pool of low-cost financing for developers, to encourage them to build new homes for middle-income families.

The loan will be paid back over time with low interest.

In April, the City of Nanaimo said it was on track to meet its affordable housing goals.

Social planner Karin Kronstal reported to Council on Apr. 26 the creation of two and three bedroom units, apartment buildings and student housing were all ahead of schedule.

However Nanaimo’s vacancy rate in 2020 remained around one per cent.

The goals of Nanaimo’s housing goals are to improve the number to three per cent to allow for more flexibility and competitive pricing in the market.

In September, Council gave the green light to an expansion of affordable housing on Prideaux St.

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