Photo: Don Urquhart
Meadowlark Phase 2
Osoyoos is inviting moderate-income working families to apply under the Near Market Housing (NMH) Program to purchase a house in Phase 2 of the Southeast Meadowlark Plan Area.
Under the program two duplexes (four units) and one single family home within Phase 2 – which are undergoing final finishing – will be offered at 15 per cent below market value.
Gina MacKay, Director of Planning and Development says that price tag has not yet been determined.
She added that once the applications have been received the town will provide more information on pricing.
Under phase three, which is only beginning to be developed, two duplexes (four units) with level entry will also be offered at below market value but will be aimed at those with mobility challenges. A single family house will also be on offer.
The Town of Osoyoos’ NMH Program is designed to help address community housing needs by providing a variety of housing forms and tenures. It aims to deliver lower cost affordable homes below comparable market housing for purchase by qualified applicants.
A covenant specifies that when the property is sold to the new owner the owner must enter into a housing agreement stipulating the length of time the owner must retain the property prior to selling.
Development of the Southeast Meadowlark Area required approval from the Agricultural Land Commission (ALC) for excluding lands over time from the Agricultural Land Reserve (ALR). This approval in principal has been obtained with specific conditions, the town said.
The agreement with the ALC specifies that 15 per cent of the units must be sold or rented at 15 per cent below market rates. Preference for these units will be given to:
1. Younger working families especially those with school-age children.
2. Household income below or near the median household level in Osoyoos.
3. Does not currently own or being a party to any real estate property ownership.
4. Verification of approved mortgage from financial institution.
5. Canadian citizenship.
Depending upon the number of applicants a waiting list may be generated, the town said.
The need for such housing has been repeatedly identified by the town. According to the affordability threshold set by the Canada Housing and Mortgage Corporation (CMHC), total shelter costs for home purchasers and renters should ideally not exceed 30 per cent of their gross household income.
But in data collected for the Town’s 2010 Affordable Housing Strategy shows that even median-income local households will have difficulties staying within this affordability threshold.
Given the severe economic disruption both during the pandemic and continuing through today, this assessment would likely be far worse. MacKay noted that the price of both land and construction costs have risen dramatically since Phase 1 which will directly impact pricing of Phase 3.
For more information or to apply, visit the town’s near market house page here.