The provincial government has provided $10.1 million in funding to purchase a rental building on the North Shore.
The five-storey, 53-unit building — Silvercrest Suites at 154 Vernon Ave. — already catered to seniors and had been put up for sale. It will be purchased by the Oncore Seniors Society with grants and money loaned through an arrangement with BC Housing.
BC Housing said the purchase is partly to ensure the building would not be sold to a private developer, risking displacement of those already living there.
Oncore Seniors Society chair Mona Murray said the purchase will help the society realize its vision.
"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," she said in a statement.
Oncore Seniors Society will now own and operate the building, which is located across from Northills Centre. No residents will be displaced and monthly rents will remain the same.
The funding is being provided through BC Housing's HousingHub program, which works to increase affordable rental housing and home-ownership options for those with middle-class level incomes.
The federal government also contributed $830,000 toward the purchase through the Canadian Mortgage and Housing Corporation.