KELOWNA, BRITISH COLUMBIA--(Marketwired - July 13, 2016) - Families and seniors in Kelowna have a new, safe place to call home at the newly redeveloped Pleasantvale, which celebrated its official opening today.

The project features 50 affordable housing units for seniors and 20 affordable townhomes for families with low to moderate incomes, providing more people in the community with quality, affordable housing.

Seniors also have a place to gather and connect with one another at an outdoor garden area and amenities space that includes a kitchen.

Located on the 600 block of Richter Street, the original Pleasantvale was a 50-unit seniors development built in the mid- 1950s. In 2013, the site of the aging building was selected for redevelopment.

After an extensive public consultation process led by BC Housing, Kelowna City Council approved rezoning of the site, which resulted in the replacement of the original 50 units and the addition of 20 affordable rental homes for families.

The rent for the one-bedroom units for seniors is $667 per month, while the family townhomes are between $990 for a two-bedroom and $1,100 per month for a three-bedroom home.

The Society of Hope, a non-profit that has been providing quality, affordable housing to low-income residents in the Central Okanagan since 1989, is managing and operating the development.

Quick Facts:

• The Governments of Canada and B.C. provided a combined investment of over $5.6 million for the project.
• The B.C. government arranged approximately $12.4 million in construction financing and provided the land, originally donated by Pleasantvale Homes Society and the City of Kelowna, valued at $2 million.
• The City of Kelowna credited $154,070 in development cost charges and granted $273,171.

Quotes:

Stephen Fuhr, Member of Parliament for Kelowna-Lake Country, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation -

"This investment is already making a real difference in our community and the lives of those who call Pleasantvale home. Affordable housing projects such as this one is about helping families and seniors who need it most, investing in our future, and supporting the Canadian economy."

Premier Christy Clark, MLA for Westside-Kelowna -

"For over 60 years, Pleasantvale has been a home for seniors, and now it will be that and more. By providing affordable homes and a real community for seniors and families alike, Pleasantvale will change people's lives."

Mayor Colin Basran, City of Kelowna -

"The redevelopment of Pleasantvale is a strong addition to our community and improves the housing options for both seniors and families. Together with the federal and provincial governments, Pleasantvale Homes Society and Society of Hope we have achieved 70 new affordable rental units where aging housing once stood."

Catherine Comben, chair, Pleasantvale Homes Society -

"Pleasantvale Homes Society, a project of the Rotary Club of Kelowna since the early 1950s, is proud to have contributed the land for the redevelopment of Pleasantvale. The layout of the buildings and the addition of 20 townhomes has maximized the potential for this site which is exactly what we wanted to see happen. We were so pleased to see our former residents have the opportunity to move into such bright, spacious and safe new homes in exactly their same north end surroundings."

Ken Zeitner, Society of Hope -

"Pleasantvale is fully occupied and families and seniors are truly making a cohesive community here at the housing complex. We are proud to partner with all levels of government and Pleasantvale Homes Society to achieve our goal of providing quality affordable housing for those in need of affordable housing in Kelowna and the Okanagan."

Associated links:

• CMHC has been helping Canadians meet their housing needs for more than 70 years. As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of its operations. For more information, please call 1-800-668-2642 or visit www.cmhc.ca
• Since 2001, the B.C. government has invested $4.4 billion to provide affordable housing for low-income individuals, seniors and families. More than 102,500 B.C. households benefit from provincial social housing programs and services. To find out more, go to: www.bchousing.org
• The Society of Hope is a non-profit organization that has been providing quality, affordable housing to low-income residents in the Central Okanagan since 1989. For more information, please visit: www.societyofhope.org
• Canadians are invited to help shape the National Housing Strategy by joining the conversation on www.LetsTalkHousing.ca. Your ideas will help shape the future of housing in Canada.

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