July 25, 2013 Volume 12 • Number 30 50¢ Newsstand Price
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250 572-3017 Our neighbourhood
YOUR NEIGHBOURHOOD, YOUR NEWSPAPER
A new approach to home ownership A new development downtown at 429 St. Paul aims to make home ownership a possibility for those who may otherwise run short of the usual requirements. By crunching numbers and doing some homework, the Kamloops United Church has come up with a unique formula that will allow those with an income under $85,000 a year to purchase a studio or one, two or three bedroom unit with only one per cent of the purchase price. “Many churches have been around for a long time, and are considering or have completed some kind of development of their properties. Six or seven years ago the city invited property owners to discuss what possibilities could occur in our city block,” explains Jennifer Keim, co-chair of Kamloops United Church Re-Development. “A lot of brainstorming came out of that meeting. It was a springboard for us.” With aging facilities sitting on prime downtown real estate, the church members started discussing their options. Their Sanctuary site, joined to their Christian Education Centre, needed substantial upgrades and they wanted to be proactive instead of waiting for things to
fall into disrepair. They started looking into renovations, but the costs were prohibitive. “About five years ago, we started talking re-development,” says
Jennifer, who has been a member of the church since childhood. “Almost immediately we decided to maximize the potential benefits of the property by
A rendering of the new building going up at 429 St. Paul Street.
building vertically on the space.” They then spent two years figuring out what type of housing they could afford to offer and what needs they could fill. “The practical realities of building rental housing and managing such a facility were outside of our scope,” shares Jennifer, adding that ultimately providing affordable home ownership was the best housing option. “Once people get into the housing market, they tend to build equity and move on. The trickle-down effect is that they open up a potential rental.” It was BC Housing who suggested that by taking out a second mortgage on behalf of buyers the church could help lessen the burden of getting into the real estate market by carrying the ten per cent down payment portion usually required to buy, while the new owner carries the mortgage on the balance. The down payment is then repayable upon the sale of the home. The church is calling this their Home Ownership Plan (HOP). There are 41 HOP units available, with another 15 for sale to buyers in any income bracket who will provide their own down payment. The units will all boast nine-foot ceilings, a private bal– continued on page 2
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