FAQs

A Letter of Intent (LOI) is a formal document that outlines the preliminary understanding between two or more parties before a final agreement is signed. In the context of local government or development projects, an LOI typically:

• Signals mutual interest in working together on a proposed project,

• Outlines the basic terms and intentions (such as land use, responsibilities, and timelines), and

• Sets the stage for further negotiation or detailed agreements (like leases or contracts).

While not legally binding, this Letter of Intent demonstrates good faith and a shared commitment to moving a project forward.

  VoH and AHCS acknowledge that the Letter of Intent (LOI) is prepared in good faith with the intent to provide details of achievements thus far and create a framework for the next steps. VoH and AHCS will continue to work together to achieve the goal for this Project, including modifying any of the plans or terms intended in the LOI as may reasonably needed or required for any third-party approval. VoH and AHCS agree that the LOI does not constitute a legally binding agreement nor is it intended to create any legal obligations or provide guarantees between the parties. It is the intent of both VoH and AHCS, however, that the LOI forms the basis for ongoing discussions and the preparation of agreements, including the drafting of the leases mentioned in the LOI, with the goal of completing the Project in a mutually agreeable manner.

AHCS has engaged in identifying funding for the Project. Terra Social Purpose Real Estate has taken the lead preparing applications for the following funding for the residential component: 

• BC Housing - Community Housing Fund for approximately $21 million
• CMHC funding options have been investigated and will continue to be monitored.

  Funding is anticipated to be provided by BC Housing’s Community Housing Fund.

  At Final Project Approval, BC Housing will be asked to provide AHCS interest bearing funds sufficient to acquire a 60-year leasehold interest on the Site. AHCS will sign a sixty (60) year lease with VoH.  AHCS is responsible for the cost to maintain and operate the Community Housing Fund units throughout the term of the lease.  

The Community Housing Fund is a $3.3 billion investment by the province that is specifically to be allocated to fund projects that support rental housing for individuals, families, seniors and people with disabilities. 

  The Village will retain ownership of the land and will own the building, but will lease it to AHCS for at least 60 years at a nominal rate of $10 per year.

   AHCS will hold the building in lease hold interest for at least 60 years, as required by the grant funder.

  AHCS will be responsible for the capital cost for all and any portions of the development relating to the use of seniors housing, subject to funding for both construction and operations from BC Housing. 

  AHCS is responsible for the cost to maintain and operate the Community Housing Fund units throughout the term of the lease.  

  AHCS will be responsible for costs limited to those associated with the project and funded by BC Housing. 

  AHCS will operate all housing and will be responsible for all staffing in addition to other operational responsibilities to be set out in the lease including but not limited to the following: 

• AHCS will be responsible to maintain the housing units
• Utility accounts are to be held with AHCS
• AHCS is the asset manager responsible for exterior building envelope, structural, roof, roof top units, elevator (maintenance contract) C02 monitoring, and building systems  

  The Village will work collaboratively with AHCS to develop agreements to waive and/or reduce fees associated with the project including Development Permit application fees, Development Cost Charges.

The Seniors' Housing project proposes that the development be built on the Village Lands, which are currently comprised of nineteen parcels, six of which are intended for the project. This area is designated as Community Use in the Village’s Official Community Plan Bylaw No. 1184, 2022 and P-1 Community in the Village’s Zoning Bylaw No. 1115, 2017.

The CHF investment includes rental housing for low- and moderate- income households, but it does not include support services or residential care components. The rental mix must be as follows:

  Market Rent (30% of Units): 

AHCS and the Village have collaborated on design for the new building which will consist of: 

  4-storey, wood-framed residential design with a gross floor area of 45,600sqft

  60 one-bedroom 600sqft suites designed for the needs of Seniors living independently, including three accessible suites and all including in-suit laundry

  Amenity spaces – 600sqft

  Scooter storage room  

Siting / Positioning:

  The main entrance to the building will be accessed from an interior road running north-south through the 19 Village-owned lots

  The south end will have a meandering path with benches and landscaping, creating a quality outdoor amenity space for residents

  There will be 44 parking stalls provided at the north side of the property

  Residential efficiency of 79%

BC Housing is expected to notify applicants of the outcome of their grant applications in September 2025. If the project receives funding, the next phase will tentatively begin in Summer/Fall 2026, including design and consultation, obtaining municipal permits, tendering, and securing final BC Housing approval. Construction would tentatively start on site in Winter 2026. Please keep an eye on our website, social media and this page for engagement sessions should the grant application be successful.