This new project is Phase 2 of Albert Place in Vernon. The site for the project is large and had been underutilized, housing an 18-unit building operated by CMHA.
The new project adds stacked townhomes in three buildings, providing 29 affordable rental homes for families and seniors. It also includes a central green space with play area and gathering spots and an expansion to the existing amenity building. The project is well-located, close to transit, grocery stores, a senior’s centre and a childcare facility.
Terra completed a real estate portfolio review for the Society, which included recommendations for next steps. CMHA had identified the need for more low-income housing in Vernon and the desire to work with funders to construct more housing units. Terra then worked with the CMHA to secure funding for the project under the 2018 Building BC Community Housing Fund as well as securing Seed Funding from Canada Mortgage and Housing.
The project received a 2022 Thompson Okanagan Commercial Building Award of Excellence in the Affordable Housing category.