Below are answers to some of the most frequently asked questions that we’ve gotten about our organization and our projects. If you can’t find the answer to your question, please feel free to email us: info@AffordableSC.org
Our Organization
What is the Sunshine Coast Affordable Housing Society?
The Sunshine Coast Affordable Housing Society is a non-profit society that focuses on the construction and operation of affordable housing projects. We also help promote and facilitate non-profit housing across the Sunshine Coast through outreach and working with local governments.
How large is your organization?
Our organization consists of 11 volunteer board members and one part time General Manager. Our board is considered a working board, so the majority of work is taken on by them in their free time. We also have a small team of dedicated volunteers who help with our projects and fundraisers. No member of our board can legally profit from our projects in anyway and our finances are audited by a third party regularly.
What do you mean when you say your projects are mixed income model?
Developments using this model comprise of differing levels of affordability, with some units at market rates and others available at below market rates. The benefit of this model is twofold: It creates an economically sustainable model that helps the project fund itself and creates a community where families at different economic levels can interact. This model is almost universally accepted as a better model to the previous “project” style of housing which would often create divides in a community based on income as well as cost more to the tax-payer.
Our projects are funded through a mix of grants and donations from local charities, governments and businesses who understand the dire need for affordable housing on the Sunshine Coast. These groups can be viewed on our partners page. Funding for individual projects varies.
How are you funded?
Franklin Road
The original budget was $1.4 million dollars. After construction was complete we were almost exactly on budget (overages were under 1%). The vast majority of this funding is through a mortgage that our organization takes on and uses the rents to pay the balance. In this way we’re able to build affordable housing, without a heavy burden on tax payers while keeping rents low as we are a non-profit organization.
How much did this project cost?
We feel that as the residents are members of the community it’s in their best interest that we do not post their monthly rent. All units on the property meet affordability targets set by BC Housing.
What are the rents?
Shaw Road
Construction is underway and we are expecting to welcome tenants in the summer of 2024.
When will it be open?
The project is budgeted at $16.5 million dollars. The budget increased (from $14 million) during the four years of pre-development due to the increased cost of materials, labour and interest rates. Like the Franklin Road project this will be likely financed mostly through a mortgage our organization takes on and uses the rents to pay down.
How much will this project cost?
We will not being opening applications for Shaw until we have a finalized date for the completion of construction. Keep an eye on our Facebook and web page, where we will post any information we have about applying.
Can I apply yet?
What will rents be?
While we have internally set a goal for the rents that number is subject to change as the project finishes. Our rents are calculated based on our obligation to our mortgage and until we have a final number after construction is complete we won’t be able to determine the final number. There will be multiple levels of rent as this is a mixed income project. Some units will be affordable, while others will be market rent.
Will there be future buildings on this site?
We are in the final stages of pre-development for phase 2. As it is still early we don’t have a projected date for construction.