Photo: City of Penticton

Plans are going ahead for a 60-unit rental project at 971-999 Eckhardt Avenue West in Penticton

The City of Penticton said they've reached a major milestone in growing housing options for working professionals and families in the community.

In a press release on Thursday, the city said they've chosen the New Vista Society to deliver a 60-unit rental project at 971-999 Eckhardt Avenue West through a 99-year lease on city-owned land.

The new development is aimed at providing housing for working people within Penticton’s North Gateway area, with 20-30 per cent of units rented at 20 per cent below market rates.

“Housing availability is an ongoing challenge throughout our community, and it's innovative projects like this that will help to boost our housing supply,” Mayor Julius Bloomfield said in the news release.

“This project is aimed at attracting the skilled workers and professionals that we require to sustain our local economy, including the nurses, teachers, electricians and other skilled tradespeople.”

The city and New Vista will need to finalize a lease agreement and secure funding and financing through the Province’s BC Builds program.

The current goal is for construction to begin in 2026, with building permit approvals will be completed this year.

The city said that having a non-profit building owner and operator for this project it will ensure long-term affordability.

"Over time, the rents in this building will remain lower than market as the initial construction loan is paid off and residents are income-tested to meet the parameters of the BC Builds ‘middle-income’ program."

BC Builds is a provincial program through BC Housing which, in the organization's words, exists "to speed up the development of new homes for middle-income working people throughout British Columbia."

“The New Vista Society is a non-profit charitable organization with more than 80 years of experience delivering affordable housing for communities. Since 1943, the organization has worked in partnership with all levels of government to develop and manage a broad range of housing programs that respond to the evolving needs of the community. New Vista is delighted to be in partnership with the City of Penticton on this project,” Darin Froese, CEO of New Vista Society, said.

This Eckhardt Avenue project is one of three endorsed by council to provide affordable housing options, with the remaining two locations being on Ellis Street and Galt Avenue. More information can be found at www.shapeyourcitypenticton.ca/city-housing-sites.