The Village of Radium Hot Springs is now in the rental market with the purchase of a three-unit long-term rental building.
The property, located on Radium’s McKay Street, was purchased using money from the Growing Communities Fund.
“Housing is a strategic priority of Radium Village Council and the purchase is an effort by the Council to begin to make a difference in the ongoing rental housing shortage in the immediate term,” said Radium Hot Springs officials.
Village officials said the move will not impact taxation on the community.
“Long-term rental housing as an acute need in Radium Hot Springs. The ongoing housing crisis affects everybody in the Village as everyone needs a secure place to live. And business needs workers to serve residents and visitors to our region”, said Mayor Mike Gray.
Officials said the purchase prevents the possibility of the units being converted to short-term rentals.
The building will be used to provide housing to Radium or Columbia Valley residents in need of a rental.
“This is seen as a first step from the Village to help with the need for long-term rental units,” aid Radoum officials. “Other anticipated actions to promote rental housing in the Village may include: a revitalization tax incentive bylaw to promote construction of new purpose-built long-term rental housing and a renewal of the Village’s official community plan with promotion of long-term rental housing development in the Village as a key goal.”
The building will be managed independently from Radium’s administration, and officials anticipate a partnership with the Columbia Valley Housing Society will be formed to operate the three rental units.
