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.
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.
“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.
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.