Boreal Commons has opened its doors in Whitehorse.
The 87-unit housing project in Whistle Bend will help address rental housing needs in the territory, providing more affordable and accessible units, according to a statement from the federal and Yukon governments and the Right On Property Group.
Three multi-residential buildings were constructed, each with four bachelor suites, four one-bedroom units and 21 two-bedroom units.
A total of 18 units are affordable, meaning they have below market rents, the statement said. Of those, 10 units will be prioritized for young adults between 18–25 years of age and newcomers to Canada.
Considerations were also given to seniors and people with mobility challenges as the project includes 12 accessible and adaptable units.
Right On Property Group completed the project with funding from the federal and Yukon government as well as development incentives from the City of Whitehorse.
The Canada Mortgage and Housing Corporation provided $22 million through the Rental Construction Financing Initiative (RCFI) while the City of Whitehorse contributed development incentives worth up to $500,000 over 10 years.
The Yukon Housing Corporation provided $500,000 through the Housing Initiatives Fund (HIF) and $500,000 under the Municipal Matching Rental Construction Grant program.
The project is an example of “how collaborative efforts across governments and the private sector can make significant progress in addressing gaps in the Yukon’s housing continuum and improve the affordability and accessibility of housing for all Yukoners,” the statment reads.
Premier Ranj Pillai said his administration is committed to investing in housing, noting the new rental development “addresses a much-needed demand for rental housing for young adults, newcomers to Canada as well as seniors.”
The HIF provides capital grants to incentivize the development of long-term, affordable rental and homeownership housing in the territory and encourages partnership solutions to address housing challenges.
The most recent round of funding applications closed Feb. 3.
Contact Patrick Egwu at patrick.egwu@yukon-news.com