A new 62-unit rental apartment designed to be affordable for seniors and working people will be built on the site where a previous Langley City apartment building was destroyed by fire in 2019.
Park Vista started construction recently on the corner of 56th Avenue and 201A Street.
“Park Vista will ensure residents can stay in their community and live close to friends and family,” said Andrew Mercier, MLA for Langley.
The project is being built in partnership with Crossroads Enterprises, through BC Housing’s HousingHub program. Created in 2018, Housing Hub works with both non-profits and private sector builders to increase the supply of affordable rental housing and purchased homes for middle-income residents.
HousingHub doesn’t directly fund projects, but makes low-cost financing available to developers building new housing stock. The savings are to be passed along to prospective tenants and buyers.
In the case of Park Vista, the homes are designed to be affordable for households with incomes between $65,143 and $117,333.
According to Statistics Canada, median after-tax household income in the Vancouver area was $79,500 in 2020, up from $68,500 in 2015. Working full-time at minimum wage, $15.60 an hour, would result in an annual individual wage of $32,448.
In Canada, “low income” is an individual who makes $26,570 or less after tax as of 2020, or a two-person household making $37,576 or less.
READ MORE: Fire-damaged Villa Fontana to be torn down
Park Vista, when finished, will be a five-storey wood-frame building with a mixture of one-, two-, and three-bedroom apartments. It will have 85 underground parking stalls and two bike storage rooms, a children’s play area, and a garden pavilion with a roof deck and outdoor lounge.
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