A development company is pitching a Rent to Own program as part of its rezoning application for a mixed-use development for 341 new condos, townhomes and below market and rental apartments build in the Seymour area of District of North Vancouver.
The Rent to Own program, the developers claim, is the first of its kind in North Vancouver and will provide local, first-time buyers who live or work in North Vancouver with an opportunity to gradually move from rental to home ownership.
Anthem Properties is inviting the community to an open house to review the plans for the development being proposed on 904-944 Lytton Street, also called the Seymour Estates. The open house will be held on Saturday, October 5, 12 pm to 3 pm at the Windsor Room at the Ron Andrew Recreation Centre at 931 Lytton Street.
Anthem bought the property in 2017, and demolished 114 townhome development on the site that borders Mt. Seymour Parkway to the North, Lytton Street to the west, and Windsor Secondary School to the south.
Anthem is now proposing 341 homes.
Of these, 99 condos and 132 townhomes will be sold on the market. As many as 33 homes will be below market rentals and 56 units will be market rentals.
But what makes this development unique, the developer says, is its plans to keep 25 one-and-two bedroom units for the Rent to Own program.
Participants will be able to apply 24 months of market rent towards their down payment.
To be eligible, you must be a resident of City of North Vancouver or of District of North Vancouver, be a first-time home buyer, be a Canadian citizen of a permanent resident, pre-qualify for a mortgage.
Those who enroll in the program will have to agree to use the home as a primary residence and not as an investment unit and would have to live in the home for the two-year closing period.
Anthem is partnering with the Habitat for Humanity Greater Vancouver and Hollyburn Family Services, which will manage the 33 homes for below market rentals. One three-bedroom townhomes will be given to Habitat for Humanity for a family in need.
A neighbourhood coffee shop, a subsided transit pass program, an enhanced bus shelter, a partnership with car share Modo, two secured bike storages, an onsite bike repair and washing facilities along with sidewalk and sewer upgrades are being proposed.
Anthem says it is also exploring an electric bike share program for residents. The rezoning application is likely to come before council by the end of 2019, or early 2020.
Know more at seymourestates.ca