Kamloops posted May 11, 2022 @ 08:00pm by Cheyanna Lorraine

53-unit seniors housing building on the North Shore purchased by BC Housing

More affordable rental housing options have been secured for seniors in Kamloops.

BC Housing and Kamloops-based Oncore Seniors Society have partnered to finance a 53-unit complex on the North Shore.

A news release explains that BC Housing provided $10 million to the society to purchase the five-storey Silvercrest Suites Building, located at 154 Vernon Ave.

The federal government has also provided $830,000 toward the purchase.

<who> Photo Credit: Google maps street views

Oncore Seniors Society will own and operate the building. Tenants currently living in the building will not be displaced and monthly rents are set to remain the same.

“Our passion is to develop engaged communities that offer housing, services and activities that make a positive difference on the quality of life of our residents,” said Mona Murray, chair, Oncore Seniors Society.

“We are proud to continue providing affordable housing and other services to enhance the living experience for the residents at Silvercrest Suites.”

By purchasing the building, the two organizations say they are working to ensure it will not be sold to a private developer which could put seniors at risk of higher rents or losing their homes to redevelopment.

Financing is being provided through the HousingHub and Oncore will be required to repay the loan with proceeds from a long-term mortgage that BC Housing will assist in arranging.

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