Construction has started on a new project in Victoria that includes nine homes with a novel approach to making them affordable for middle-income families, seniors and individuals.
The six-storey building at 1301 Hillside Ave. has a total of 49 units, with nine set aside for buyers with household incomes under $116,330 ($163,220 for the two-bedroom homes). Buyers receive a no-interest, no-monthly-payment second mortgage to support their purchase. This helps with the equity portion of the purchase, making it easier to obtain a first mortgage.
The project is being built by Abstract Developments through BC Housing’s Affordable Home Ownership Program.