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Kelowna  

Affordable units on Clement

The six-storey, 58-unit development planned as part of a reimagining of Clement Avenue will be a purpose-built rental housing project.

The project's developers say the Canadian Mortgage and Housing Corporation will subsidize the cost of the apartments so they can be rented below market value.

That will allow the developers to offer “market-quality rental housing” at 10 per cent below market rates, for ten years.

In order to make the development happen, the developers are asking the City of Kelowna for permission to consolidate six properties along Clement Avenue to make room for the apartment building.

For more on the project, check out the full story on Castanet's sister business news website, Okanagan Edge.



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