The Eleanor in Central Lonsdale boasts 85 below-market rental homes, 10 of which are being offered at $375 per month.
Some of the suites will be offered on a rent-geared-to-income model, which means they’ll come out around $1,200 per month. The remainder of the units will come in about 10 per cent below market levels. All told, the average rent will be about $1,600.
Twelve of the suites are designed specifically for people with disabilities, including appliances and fixtures set within easy grasp of wheelchair height, and kitchens and bathrooms designed for wheelchair access.
The project from VRS Communities Society, a non-profit developer, was only made possible through some financial jujitsu and outside help.
The capital cost of construction was financed with a $24.1-million low-interest loan provided by the province’s HousingHub program, which has been popular with developers seeking to build more affordable housing with lower overhead, said Bowinn Ma, North Vancouver-Lonsdale MLA.
“Our work to address the housing affordability crisis must include solutions that help individuals and families with middle-level incomes, as well as those who are in deep need for subsidized housing,” she said. “The Eleanor is a welcome addition to North Vancouver that will allow more middle-income community members and their families an affordable place to call home.”
Read the full article at nsnews.com.