The first five units under the Gibsons affordable housing policy could soon become a reality, pending an approval by BC Housing.
"I'm quite confident," said developer Blane Hagedorn. "We've had very good meetings with town [and municipal] planner Michael Epp and it looks promising."
The Town put in place its affordable housing policy back in 2007, one that calls for 10 per cent of developments exceeding 10 units to be marketed as affordable housing when a rezoning application is made.
Purchasers are expected to meet a lower-income standard, along with proving residency in the Town. The units might become available only to first-time buyers as the Town is still in the process of finalizing the qualifications.
For developments fewer than 10 units, the Town has in place an amenity fund to collect cash-in-lieu payments that could be used to create more affordable developments.
While BC Housing's financing approval is sought, Hagedorn is also concerned about the role current economic conditions could play before the affordable housing units become shovel-ready.
"It's a slow market, which I'm sure is going to turn around ultimately, because it's a good subdivision," he said of the Parkland area, but added, "If I had to wait for 17 lots to be sold, it could be five years down the road before the affordable lots are built."
Of the 27 lots in phase one of the development, a restrictive covenant reserves five of them for affordable housing.
According to Epp, the developer might have some of those restrictions addressed should there be difficulty in locating qualified buyers.
"If they sit on the market, I think we're going to put 12 months as the period in the agreement. If they sit on the market for 12 months, then the developer may have other options," Epp said.
Jane Hopkins of the Coast Community Builders Association said affordable housing developments could play a key role in ensuring the Town's future prosperity.
"We need to be able to attract and give opportunity to people between the ages of 25 and 45," she said. "We need to be able to do as much as we can by providing housing that can be purchased, and an equity position gained, by people who are working in the economy here."
