The province has announced a 75-unit affordable rental apartment building in Merritt will open its doors to new residents later this month.
In a news release, Murray Rankin, the attorney general and minister responsible for housing, said the project, which was built by Olympic Villas Inc. in partnership with BC Housing, is delivering safe, affordable homes for the community.
“Housing developments like this will help communities like Merritt continue to grow and contribute to a stronger rural B.C.,” Rankin said.
According to the province, the rental building was built through a government program which makes low-cost financing available to developers who are building new housing.
Developers receive low-interest rate loans from the province in exchange for a commitment to passing on the cost-savings to tenants or homeowners through more affordable rent.
According to the province, over $16 million in funding was provided in low-interest funding and will be repaid with interest by Olympic Villas Inc.
The four-storey apartment building is located at 4010 Walters Street, and includes a mix of studio suites and one, two and three-bedroom homes. The development includes eight accessible units.
According to the province, monthly rents range from $1,020 for a studio to $2,380 for a three-bedroom apartment.
Irfan Sonawala, director for Olympic Villas Inc., said the building is meant to attract professionals and entrepreneurs who will help grow the town into an economic hub.
Mike Goetz, mayor of Merritt, said the city is pleased to have these units available.
“The City of Merritt has historically low vacancy rates and new housing is very much in demand. We are grateful to add these new units to our housing supply and continue to invite developers to help grow our community,” Goetz said.