Harmony, the joint venturte of Government of Canada, City of Abbotsford and the Van Maren Group builders to build 11 condo units of affordable housing in Abbotsford has sold out. Vancity credit union provided financing to qualified purchasers. Three city-owned properties located on McKenzie Road were sold below their value and Van Maren agreed to pass those savings on to the purchasers.
These modest two and three bedroom homes are providing accommodation to qualified purchasers with incomes of less than $60,000 per year. They will also provide secondary suite rental accommodation for low-income seniors and persons with disabilities. The revenue generated by the suite will make home ownership more affordable.
In 2008, the Government of Canada committed more than $1.9 billion over five years to improve and build new affordable housing and to help the homeless. As part of this investment, the renovation programs for low-income households, including RRAP, were extended for two years. For BC this represents more than $28 million in federal funding for renovation programs off-reserve.
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