Langford Mayor Stew Young (centre) is joined by (from left) Scott Morrissey, Paul Woodward, Marcela Corzo, Bill Fox and David Wong, representatives from the Ledcor Group in breaking ground on the Belmont Residences project. (File photo)

Subsidies for 156-unit apartment in Belmont Residences with rent-to-own credit options meets Langford council approval

Crossing condos planned for later this year as part of Belmont’s community masterplan

Langford council Monday approved subsidizing $5,000 to developers Ledcor per rent-to-own deal made with residents of Crossing at Belmont.

The two-building, 156-unit condo is set for completion later this year at Belmont Residences.

ALSO READ: Belmont Market project takes shape

Qualified renters can apply for 25 per cent of the monthly rent to go toward the purchase of a future home or condo at Belmont Residences East. The loyalty credit can lower the overall purchase value of the future home by up to 5 per cent.

“I am excited that the City is able to support the creation of a Rent-to-Own Affordable Home Ownership program in Langford,” said Langford Mayor Stewart Young in a statement.

ALSO READ: Housing providers given financial help by Colwood

“This first of its kind initiative on Vancouver Island will help hard working residents use a portion of their rent towards the purchase of their own home at a future date.”

The city is considering this a test run for more subsidies as part of its affordable housing initiative.

ALSO READ: Langford council faces few opponents

The Crossing at Belmont units will be available for rent in the fall of 2019, with Belmont Residences West completing in Spring 2020, and Belmont Residences East completing in Spring of 2022, according to a release from the developers.

swikar.oli@goldstreamgazette.com


Like us on Facebook and follow us on Twitter

Just Posted

Westhills Stadium launches expanded stadium with ceremony, excitement

expanded stadium accommodates 6,000 spectators

VIDEO: RCMP officer killed in the line of duty remembered ‘through the laughter of children’

Sarah Beckett Memorial Playground opens with ceremony in Langford

Sooke school district creates new comprehensive school health position

Ruchi McArthur will develop framework to improve wellness of students

B.C. police watchdog investigating high-speed crash in Victoria

Police watchdog called in after dramatic early morning crash at Bay and Douglas intersection

NCAA basketball comes to UVic this fall

Eight-team tournament features top university women’s basketball teams Nov. 28-30

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Vancouver Island man dead after reported hit-and-run incident

Oceanside RCMP seek public’s help gathering information

Thousands cycle to conquer cancer

The 11th annual Ride to Conquer Cancer took place Saturday morning, Aug. 24 in Surrey, B.C.

PHOTOS: Brazil military begins operations to fight Amazon fires

Amazon fires have become a global issue, escalating tensions between Brazil and European countries

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Groups ready campaign to help young voters identify ‘fake news’ in election

The media literacy campaign to focus on identifying misinformation and suspicious sources online

Most Read