New affordable rental units coming to Kelowna

New housing projects in Kelowna are going to be offering rental units for below-market prices.

The City of Kelowna says it is partnering with Troika Developments on two affordable housing projects in Rutland and Glenmore. A total of 195 new units will be built with 40 per cent to be affordable, according to a press release from the city. 

“Affordable housing is a council priority, and innovative projects like these deliver on our commitment to increase affordable housing in Kelowna,” mayor Tom Dyas said in the release. “By building more homes for middle-income families, we are creating a diverse range of housing options that meet people’s needs, support our local economy, and help build a thriving community.”

The below-market rentals are meant for “middle-income households” with rent capped at 30 per cent of incomes between $80,000 and $120,000 per year, or roughly $2,000 to $3,000 a month for the 78 units.

Construction is set to begin later this year for the 127-unit project in Rutland at 155-205 Douglas Road North and the 68-unit Glenmore project at 1232-1250 Glenmore Drive.

“Our team is proud to have been selected to develop these important projects,” Troika CEO Renee Merrifield said in the release. “As a local company, we have a strong understanding of local needs, and we are committed to continuing to build sustainable communities that are thoughtfully designed and that grow and enhance neighbourhoods.”

The projects are part of the city’s Middle Income Housing Partnership with some of the money coming from the federal Housing Accelerator Fund.