Affordable housing develops in Vernon

[WTTG]

Affordable Housing develops in Vernon

http://www.castanet.net/edition/news-story-89511-2-.htm#89511

The article doesn't mention unit costs.
Does anybody know what they are or where I can get that information?

Thanks

[grammafreddy]

https://www.facebook.com/pages/Viridian ... 0415056753

The sign in one of the pics says 3705 24th Ave but their link to their website on their FB page isn't working right.

This is the phone number they give ... (250) 275-8092

[WTTG]

Thanks GF. I went to the Facebook page, and the units look very nice. Could live in that square footage quite comfortably. And a garage too! From the article, I got an inkling of what the 'affordable' project cost, and I think the people involved in realizing it are definite stars, but I'm just wondering what an 'affordable' unit would be priced at.

[Captain Awesome]

If I was to guess, I'd put them around $200-220,000.

[solidfiction]

With each passing day,month and year we are quickly becoming a entitlement society.All these people whom beleive in and are involved in this system all have the same motto :What can u do for ME today"

[WTTG]

The Castanet article says,

The Vernon Viridian is a $2.85M affordable housing development that will provide up to 20 units for families, singles and people with disabilities in the community.

If I was to guess, I'd put them around $200-220,000.

Thanks Captain--looks like you could be about right.
So would you figure around $150 to $200 per square foot?














Photo: Melissa Ligertwood
Viridian


Photo: Melissa Ligertwood
Viridian


Photo: Melissa Ligertwood
(L) MLA Foster, Annette Sharkey, B. Elliot, Cindy Masters, Mayor Sawatsky

That's awesome, you people, and all the rest who put in an effort on this.

[solidfiction]

for $200 per square foot one can build himself a manson.There is no way in this world this LIH could cost anywhere near 200$ sq ft NO way!!!
I did a replacement value on my house this fall and its 3400sq ft and done real nice and its around $125 sq ft to repalce at todays prices

[WTTG]

for $200 per square foot one can build himself a manson.There is no way in this world this LIH could cost anywhere near 200$ sq ft NO way!!!
I did a replacement value on my house this fall and its 3400sq ft and done real nice and its around $125 sq ft to repalce at todays prices

Yep. That could work. If the project cost is $2,850,000, and there are 20 units at $125 per square foot each, then it looks like each unit would be around 1,140 sq. ft. at a cost of around $142,500 to build. Awesome!

So, solidfiction, just an aside here, by my math it looks like you figure your 3,400 sq. ft. house would cost you around $425,000 to replace today. So, if you don't mind, what do you think it would go for on the market?

[solidfiction]

for $200 per square foot one can build himself a manson.There is no way in this world this LIH could cost anywhere near 200$ sq ft NO way!!!
I did a replacement value on my house this fall and its 3400sq ft and done real nice and its around $125 sq ft to repalce at todays prices

Yep. That could work. If the project cost is $2,850,000, and there are 20 units at $125 per square foot each, then it looks like each unit would be around 1,140 sq. ft. at a cost of around $142,500 to build. Awesome!

So, solidfiction, just an aside here, by my math it looks like you figure your 3,400 sq. ft. house would cost you around $425,000 to replace today. So, if you don't mind, what do you think it would go for on the market?[/quote]

its on 3 acres and has exstensive landscape,long cement drive way,pool and such so around 725K

[WTTG]

its on 3 acres and has exstensive landscape,long cement drive way,pool and such so around 725k

Nice!

Hey, if you or anyone else think there may be an opportunity for me to buy an inexpensive freehold lot with services--water and sewer of any kind--in the Okanagan and have a 1200 sq. ft. two bath two bed no garage basic-to-code house built on it (not under architectural and full landscaping controls) for around $125 a sq. ft. then please be so kind as to let me know where it might be. I could go around 200K for that, and I'd be most happy to do some of the inside work and most of the outside work myself towards gaining sweat equity.

Please Please Please. Here's a genuine opportunity for a developer out there. Money on the table from a person with some cash in the bank and a modest income to pay a morguage. Thankyou Thankyou Thankyou!

[Jess_A]

I would like to bring some attention to this article:

http://www.vernonmorningstar.com/news/200468271.html

The Vernon Viridian claims to be an affordable housing development but the article linked to above totally contradicts itself!

First it says: '...will soon provide affordable homes for families, singles and people with disabilities in the community''...and also...'the latest affordable and attainable housing project'.

Then goes on to say: '...eight of the units into bachelor suites – perfect for college students – which could serve as mortgage helpers to anyone who buys a unit.

Am I the only one who sees how outrageous and false these claims are? Suddenly College Students and not the Disabled?
And MORTGAGE HELPERS!? You have to be kidding. The people that this project claims to help can't even afford to rent.

If these units are intended to be 'affordable and attainable' why are they being sold to anyone who can BUY a unit? When I first started reading the article I assumed this was a project geared towards the low income who RENT. How are singles and disabled people supposed to have access to one of the bachelor suites unless privately rented out by another buyer with deep pockets? If this article is just very poorly worded I would appreciate it if someone could make sense of it for me!

What Vernon really needs is ACTUAL affordable housing for those of us who struggle on disability income and are forced to rent at costs that take up 3/4 or more of what we are already expected to live on. We DON'T need anymore housing that claims to help those on lower incomes but actually only exists for those with a few hundred thousand dollars to spare. BULL.

[ford150]

What Vernon really needs is ACTUAL affordable housing for those of us who struggle on disability income and are forced to rent at costs that take up 3/4 or more of what we are already expected to live on. We DON'T need anymore housing that claims to help those on lower incomes but actually only exists for those with a few hundred thousand dollars to spare. BULL.

No what Vernon needs are jobs that actually pay enough to live here. This whole affordable housing thing is another way the tax payers are subsidizing the low paying local business owners.
If the tax payer was not paying for housing then the business would need to pay more to attract workers. Now they can pay peanuts and still get workers as we the tax payers are picking up the short fall.

[Silverstarqueen]

I would like to bring some attention to this article:

http://www.vernonmorningstar.com/news/200468271.html

The Vernon Viridian claims to be an affordable housing development but the article linked to above totally contradicts itself!

First it says: '...will soon provide affordable homes for families, singles and people with disabilities in the community''...and also...'the latest affordable and attainable housing project'.

Then goes on to say: '...eight of the units into bachelor suites – perfect for college students – which could serve as mortgage helpers to anyone who buys a unit.

Am I the only one who sees how outrageous and false these claims are? Suddenly College Students and not the Disabled?
And MORTGAGE HELPERS!? You have to be kidding. The people that this project claims to help can't even afford to rent.

If these units are intended to be 'affordable and attainable' why are they being sold to anyone who can BUY a unit? When I first started reading the article I assumed this was a project geared towards the low income who RENT. How are singles and disabled people supposed to have access to one of the bachelor suites unless privately rented out by another buyer with deep pockets? If this article is just very poorly worded I would appreciate it if someone could make sense of it for me!

What Vernon really needs is ACTUAL affordable housing for those of us who struggle on disability income and are forced to rent at costs that take up 3/4 or more of what we are already expected to live on. We DON'T need anymore housing that claims to help those on lower incomes but actually only exists for those with a few hundred thousand dollars to spare. BULL.

I think what the plan is here is that someone has to build the project with the prospect of someone buying and renting out unit or units at affordable rents. No one is going to build a project at a cost of millions and then have to sit around managing it, and trying to squeeze rents out of people who can barely afford them especially on a large scale, but you might find investors who will buy and rent it out. To get any return on that investment the rent has to be set appropriately. The person renting it out is already putting up the money and paying interest on the unit or units, they are not in the business of subsidizing renters. If you do the math, that unit that costs the new buyer/landlord costs say $100k plus interest can run anywhere from 4-6% on up over the next 25 years, plus any cleaning, repairs, building maintenance, costs between renter 's occupancy, over that time, before it is paid off. So they get virtually no return on their investment for 15 to twenty years. The number of people who are willing or able to do that is not huge, so good luck if you find them. If you expect taxpayers to subsidize all these costs, or even a large percentage of them (I don't know, is the land already put up by the taxpayers?) then you are living in a dream world, because most of them are just managing to cover their own expenses. The taxpayer is already subsidizing a lot of people's living expenses through government social programs such as rent assistance for the poor with children, disabled,pensions to seniors,and any others entitled to assistance. Wouldn't it be nice if all the workers making minimum or slightly above wage could afford to support all the costs for those others in need? But of course you can see why that is never going to work until they are payed first a living wage themselves. I did rent to low income people at one point (the "mortgage helper" idea, where I put up the money and someone else gets a heck of a deal on their rent)and I can tell you it is not really a money making proposition when all the costs are considered. Sometimes my renters wanted to do a rent to own arrangement, but had no concept that the rent they were paying would no where near pay the cost to buy and maintain the place they were renting. I have sympathy for those who can't make ends meet, but money is a reality for most of us who are not getting subsidized at all.