By Steve Hubrecht
The Columbia Valley Housing Society (CVHS) is working on a pair of residential rental housing projects in Invermere.
Invermere council recently agreed to commit $20,000 worth of Online Accommodation Platform (OAP) Municipal and Regional District Tax (MRDT) funding to the projects.
The two projects are both in Upper Invermere; one on 10th Avenue across from and to the northwest of Sobeys, and the second on 12th Avenue near its intersection with 6th Street.
A business plan and feasibility analysis of the 10th Avenue project earlier this fall outlined both eight-unit and 10-unit plans for the 970 square metre (10,400 square foot) parcel, which is owned by the District of Invermere.
The plans entail putting four family dwellings on the site, with four to six secondary suites.
The feasibility analysis outlined that at least 40 per cent of the units would be at “deeply affordable rents,” and a maximum of 60 per cent of units would be at market-rate rents. It described the 10-unit scenario as being more financially feasible.
The total estimated cost of construction for the 10th Avenue project is $5.4 million.
The business plan also identifies various funding sources, including the CMHC Affordable Housing Fund (AHF) program, BC Builds, and the Columbia Basin Trust (CBT) that could cover the entire $5.4 million price tag.
The Pioneer was unable to find a business plan and feasibility analysis for the 12th Avenue project, which is also on land owned by the District of Invermere.
The OAP MRDT program collects tax money from people offering short-term rentals (STRs). Some of the money collected is directed back to the municipalities in which it was collected, with local governments allowed to direct to it certain projects, including affordable housing efforts. This is the first time the District of Invermere has specifically directed its OAP MRDT money to housing projects here.
Invermere councillor Gerry Taft said spending the money on these projects was a good move, as is donating the land.
“We’re putting up two valuable pieces of land, and using the OAP money. These are tangible actions to deal with the housing situation,” he said.
The district is currently working out a memorandum of understanding with the CVHS, and then will begin public consultation on the projects.
