120 new affordable housing rental units will begin construction in August in north Nanaimo. (Kyle Ireland/NanaimoNewsNOW)

By Kyle Ireland

AFFORDABLE HOUSING

Over 100 new, affordable rental units coming to north Nanaimo

Jul 12, 2020 | 10:51 AM

NANAIMO —Shovels will be in the ground beginning in August as two new affordable housing developments begin construction in north Nanaimo.

Located at 4745 Ledgerwood Rd., the buildings will feature 120-units and are geared towards households with annual incomes between $44,000 and $76,000.

Nanaimo Mayor Leonard Krog said in a release from the BC Government, affordable rental stock is desperately needed in the city.

“These units will be a welcomed addition in our community and will help move people along the housing continuum,” said Krog.

The buildings will have studio, one-bedroom, two-bedroom and three-bedroom homes.

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Rent will be between $1,100 per month for a studio to $1,900 per month for a three-bedroom unit.

Funding for the units is coming from the province with up to $24.8 million available in construction financing.

“People deserve safe and secure homes, but even middle-income people like teachers and small business owners have struggled to find affordable housing in Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo.

Since 2017, the Province has provided funding for nearly 850 affordable homes in Nanaimo.

The first suites will be rented out in spring 2022.

kyle@nanaimonewsnow.com

On Twitter: @Kyle_Ireland31