Westcor Lands has attached the term “attainable housing” to its 34-unit townhouse proposal on Mills Road in West Sechelt.
With second reading of the project’s rezoning bylaw approved at the Oct. 20 Sechelt council meeting, the community will have a chance to comment about that concept and the project at a public hearing. No date or details for the hearing have been set.
Making purchase of these homes “attainable” or within the financial reach of middle-income earners was discussed at the meeting.
Westcor spokesperson Bruce Mason said the project, which has an estimated build-out price tag in the $20-million range, can do this through participation in BC Housing’s Affordable Home Ownership Program (AHOP). Achieving that requires agreements among and contributions from AHOP, Sechelt and the developer.
For a qualified home buyer, that deal could mean paying five to 20 per cent less than market price for their unit, lowering their down payment requirements and monthly mortgage costs. This would be done through an AHOP interest-free second mortgage on the property for that value. Repayment on that mortgage is not required for 25 years unless the unit is resold.
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