WHITEHORSE, YT – The Northern Community Land Trust Society has announced that ‘Project 1096’ will begin it’s first phase of construction phase later this summer in the Whistle Bend neighborhood of Whitehorse.
‘Project 1096’ is the Northern Community Land Trust’s first housing project and it’s set to provide 32 affordable, modern and accessible units at up to 40% below market value. It was made possible thanks to a land donation by the Yukon Housing Corporation at 84 Rampart Avenue.
The units have been described as condo-townhouses, ranging from 1 to 3 bedrooms and are between 440 to 11-hundred square feet. All units also include a yard and balcony and are to be built according to Universal Design principals, ensuring accessibility for all.
The Homes are to be sold at net cost, with no mark-up, significantly below appraised market value. The Northern Community Land Trust Society says this is to create opportunities for buyers who have been priced out of the housing market.
‘The project is really designed for people who might be, you know, stuck in the rental market or otherwise unable to purchase their first home. So there are some income restrictions placed on the units. For example, we’re looking at for our smaller one bedroom units, they’re gonna cost about $159,000, which is a steep reduction from what you’d see elsewhere in the market.’ – NCLTS Board Member Duncan Martin
To be eligible for a chance to purchase one of the homes applicants must be a Yukon Resident, fall within the household size for the unit and pass the income and wealth test for the respective unit size by proving they cannot purchase a home at current market value.
NCLTS Board member Duncan Martin explains these criteria only apply to the purchasing of the home. Once a resident has taken possession, their only covenants with be an agreement to not rent out the unit and the understanding that the unit’s resale value will be pegged to inflation while factoring in improvements made the owners, remaining below market price.
‘We’re not in the business of monitoring people’s lives and certainly we want people to, you know, lead fulfilling lives. So, these are restrictions that we’re placing upon the sale of these homes, but there’s going to be no requirements for people once they once they move in… if their family grows and they meet the love of their life, that’s fantastic and we’re happy for them.’ – NCLTS Board Member Duncan Martin
The Northern Community Land Trust Society is hosting the official public launch of the project, complete with an information session, on April 18th, at the Kwanlin Dün Cultural Centre from 12:00pm – 2:00pm , and again from 4:30pm to 7:30pm. Applications for the units open on April 12th, and if the number of applicants exceeds the the number of units available, a lottery system will be used to determine the successful applicants.
‘Project 1096’ is expected to welcome its first residents by the summer of 2025.
