A Whistle Bend development set to break ground soon offers a model of home ownership that is new to the territory. There has been significant interest already.
What sets the 32-unit development being overseen by the Northern Community Land Trust apart is that an effort is being made not only to price it affordably now, but to add legal covenants to preserve that affordability into the future.
Representatives of the land trust unveiled designs for the buildings after years of work on the project at an April 15 press conference.
The public will have a chance for a closer look at the development plans and to apply to purchase one of the units at an April 18 event at the Kwanlin Dün Cultural Centre from 12-2 p.m. and 4:30-7:30 p.m.
The first round of applications for the units opened April 12 and will close on May 13.
Designs show two U-shaped buildings with 16 units each ranging from small single-bedrooms to three-bedroom units. A common area with landscaping, a concrete path and a firepit are also found in the design.
The units in the buildings are set to be priced at 31 per cent below market value on average with some at around 40 per cent below market. Those prices are set to range from $159,000 for one-bedroom units to $382,000 for three-bedrooms. All of the units have household income thresholds attached and there are also some set aside for single parents and wheelchair users.
Purchase of the unit will come with a covenant with the purchaser agreeing that the property can only be resold for the purchase price adjusted for inflation
The resale price and owner occupation of the property are enforced by a restrictive covenant against its title. The covenant also gives the land trust and the Yukon Housing Corporation the first opportunity to buy the property back when owners decide to sell their units.
Once the new owners have moved in, they will elect the board of a condo corporation to manage the property.
At the press conference, land trust representatives told reporters that more than 30 applications had been received already, making selection by lottery for at least some units all but a certainty. Those who are successful in the lottery will have units reserved but will still have to get their own mortgages.
“I think what we really saw was that there was a lack of availability for people who have still have like good working-class incomes, single parents, maybe seniors that have like been kind of working their whole lives and are looking towards retiring or on more limited incomes, but just really options for them to own a home,” said land trust board member Tyler Heal.
Sarah Newton, another board member who identified herself as a queer single mother, spoke about the benefits of stable housing in her own life.
“Once I was able to get into kind of more stable housing, it hugely improved my mental health and helped me get like a real foothold in my career and everything as well. So, I really wanted to see that benefit be open to more people,” she said.
A development permit is in place for the site on Rampart Avenue and the final stages of a land transfer to receive the property from the territorial government is underway.
Blackrock Construction is the contractor that has signed on to build the units. Heal said that having the contractor involved from early in the design process ensured the process could be accurately costed and design decisions could be made that focused on affordability.
People are expected to be moving into their new homes in at least the first phase of the project by next summer.
Land trust board members expressed hope that this won’t be the trust’s only project of this kind in the Yukon.
Contact Jim Elliot at jim.elliot@yukon-news.com