The positive news is incomes have increased more than rents, with incomes up 11.2% while gross rents grew at 6.2%.
Affordable housing regulations divide income bands at households making up to 30%, 50%, 60%, and 80% of AMI, labeled as extremely low-income, very low- income, and low-income (including households making up to 60% AMI for LIHTC quali cation and up to 80% of AMI otherwise), respectively.
"The preservation and creation of affordable housing is the cornerstone of our growth strategy", Duggan said.
A new affordable housing project is in the works for Kamloops.
In December 2017, the City purchased the six lots (503, 511, 519, 527, 533, and 537) on St. Paul Street for the goal of affordable housing, and BC Housing is now working with the John Howard Society to prepare this housing complex for that site.
In last week's State of the City address, Mayor Mike Duggan noted that the city needed to keep affordable housing intact in the city as more developments are announced. This project was made possible because council bought six lots in December 2017.
The project is still in planning stages and construction isn't set to begin until 2019. Before then, neighbours will have an opportunity to learn more at a public meeting April 4 from 5 p.m.to 7 p.m.at the Bedford Manor Boardroom at 529 Seymour St. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles.