Photo: Contributed

The Province will be loaning Thompson Rivers University $25.5 million for an affordable housing project for students.

The total cost of the affordable on-campus housing project is pegged at  $37-million.

The cost includes $33.4 million to buy Upper College Heights and $3.5 million for renovations.

It is believed, once completed, the project will create 533 additional homes for students.

"Building student housing will help young people, families and people from neighbouring communities access post-secondary education and skills training," said Premier John Horgan.

"At the same time, this investment will ease pressure on the off-campus rental market, creating more housing options for Kamloops residents." 

Upper College Heights is a six-building private rental complex with 391 student homes. Housing on the site will be expanded, creating an additional 142 student homes, including the first homes designed for students with families. The purchase includes an additional 3.4 hectares (8.4 acres) that can be used for creating more student housing in the future.

"When students have access to homes they can afford, they can focus on their studies, without the stress of trying to find a suitable place to live," said Selina Robinson, Minister of Municipal Affairs and Housing. "At the end of the day, the benefits of this investment will be felt by the entire community. More on-campus spaces for students will increase the availability of rental housing in the wider community, and that will help improve the affordability of rental housing for everyone in Kamloops."

The Province is investing $450 million in new on-campus student housing at public post-secondary institutions throughout B.C. to create up to 5,000 student homes over the next six years. From 2001-17, 130 student homes were directly funded by the government.