Victoria, Feb. 28, 2020 (GLOBE NEWSWIRE) -- This spring, community-centric developer Chard Development will further their commitment to the Victoria community by introducing Haven, an innovative, affordable new Fernwood housing project designed to meet the requirements of BC Housing’s Affordable Home Ownership Program.
Chard is working with BC Housing on a project that would provide local Victoria residents with access to affordable home ownership, with suites offered at 10% below market value. That 10% will be secured by an innovative mortgage structure that would be supported by BC Housing, once the proposal advances through BC Housing’s approval process. Eligible buyers would have an opportunity to purchase based on moderate incomes that are 10-15% below what would typically be required for an equivalent home, or with a down payment that is 40-50% less.
Proceeds from the repayment of the mortgage is reinvested in affordable housing within the same community, ensuring the contributions to the project continue to give back. Over time, Chard’s Haven project is expected to generate $5.2 million for Victoria’s Housing Reserve Fund, facilitating grants for 520 new deeply affordable housing units in the future.
Renowned for their unique affordable home ownership program at Vivid at the Yates, Chard Development focuses on collaborating on projects that positively impact the communities they build in. Haven will be Chard Development’s second affordable home ownership project in Victoria, positively contributing to the shortage of housing diversity in a thriving, urban centre.
“It is our responsibility as developers to help local residents along the housing continuum,” says Byron Chard, CEO of Chard Development. “Demand for housing in Victoria continues to increase. It is imperative to consider the importance of creating a diversity of housing in order to effectively foster a community.”
Available for purchase later this spring, the homes at Haven will represent 104 of 211 total homes within a larger mixed-use development planned for the 1100 block of Johnson and Yates. The community is also anticipated to include a large, purpose-built childcare facility, a landscaped central mews and updates to the existing Victoria Professional Building.
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About Chard Development Ltd.
Since 1994, Chard Development has completed over 1.3 million square feet of residential and commercial development in Greater Victoria and Metro Vancouver. We've delivered almost 800 homes to the residents of British Columbia with over 600 more set to complete by 2021. Along the way, we've gained a reputation for standards that exceed the ordinary. Within the communities where we build, we initiate positive change and always strive to leave the physical environment and social fabric better than when we began.