Agreement will see the organization build approximately 50 homes for local families
In what will be the largest project ever undertaken by Habitat for Humanity in British Columbia, 50 homes will be built for families in the city of Coquitlam.
Earlier this week, the City of Coquitlam voted unanimously to approve the memorandum of understanding that will allow the non-profit international organization to enter into an 80-year lease with the city to build the homes. The project has been over a year and a half in the making.
In a release, the Greater Vancouver branch of Habitat for Humanity acknowledged that the housing affordability crisis in the region has priced families out of the area.
The upcoming development, located at 1358 Coast Meridian Road, is noted in the city’s Housing Affordability Strategy and will be targeted at families with low to moderate household incomes ($35,000 to $55,000 a year).
Habitat sets interest-free mortgage payments at a maximum of 30 percent of household income. In return, participating families are required to volunteer 500 hours of sweat equity, which includes assisting in fundraising or working on a Habitat housing project. Families are also required to attend workshops to help them learn about the responsibilities of home ownership.