Two significant developments proposed for Peachland are going to the public for input.
The Todd’s RV development envisions six, multi-unit buildings and four, single-unit dwellings. A four-storey, 84-unit multi-family apartment building is proposed for land next to the school on Clements Crescent.
Council voted 6-0 in giving first and second reading to rezoning and Official Community Plan amendments for the Todd’s RV development, and 5-2 in favour of the Clements Crescent proposal.
Porchlight had initially proposed the Clements project as a rental apartment building. It’s now proposing a stratified building with an affordable homeownership model, including a down payment assistance program.
“What we’re proposing is that the District of Peachland use the community amenity fees that we pay, take that money to assist first-time buyers with the down payment on their home,” said Neil Braun, co-owner, Porchlight Developments. “We can’t offer down payment assistance directly as a builder, because CMHC treats that as a price reduction. But because this would be a grant from the municipality they treat it like a gift from your parents or something similar.”
Braun added that the community amenity contributions would come from both the Clements and Todd’s RV developments, and would amount to approximately $260,000.
“We’re proposing that 16-units (Clements building), some of the more modestly priced, be set aside for that program,” he said. “It would be restricted to buyers that haven’t owned a home for the last five years. We’re working through some of the details about whether there would be income restrictions or that type of thing.”
Braun said the Clements project will provide units that are considered attainable, under $500,000, for a median-incomefamily.
“We were looking at the Regional District Central Okanagan housing needs assessment done in 2019. In Peachland, the average price for an apartment was $579,000, at that time. Which was far higher than any of the neighbouring communities.”
Porchlight partnered with the City of Regina on a similar project, building more than 200-homes for first-time buyers, added Braun.
Public hearing dates for both projects have yet to be announced.