CHILLIWACK, BC: Young adults and seniors in Chilliwack will soon have access to new affordable homes with the opening of the Paramount.
The Paramount is six-storey building at 46187 Yale Rd. and will be available to adults between the ages of 19 and 25, and seniors with low to moderate incomes. Priority will be given to young adults who were formerly in care. Eight of the Paramount’s units will go to young adults, while 58 units will go to seniors in need.
The project follows an increasingly popular housing trend in North America, which is new to Chilliwack. The Paramount connects young adults leaving the child welfare system with seniors in the community. This project will help grow an informal network of support between generations and address an established need for community and connections. The Chilliwack Community Service Society is exploring community gathering and mentorship opportunities between young adults and senior residents.
The Paramount is a partnership between the B.C. government and Canada Mortgage and Housing Corporation, the City of Chilliwack and Chilliwack Community Services, which will operate the building. It contains commercial and residential spaces, as well as laundry and lounge spaces. Its studio, one- and two-bedroom units will have rents between $445 per month for a studio and $1,500 per month for a two-bedroom unit. Thirteen units are wheelchair accessible.
This project is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has approximately 78,000 homes that have been delivered or are underway, including nearly 500 homes in the City of Chilliwack.
The Province, through BC Housing, provided approximately $105,500 toward construction of the project through the Building BC: Community Housing Fund and will provide approximately $390,000 in annual operating funding.
7 million dollars of joint funding from the Government of Canada, through the Canada Mortgage and Housing Corporation, and Province of British Columbia through Canada Community Housing Initiative and BC Priorities Housing Initiative under the Canada – British Columbia Bilateral Agreement under the National Housing Strategy. The City of Chilliwack provided the land valued at $1.4 million and approximately $1 million in waived fees and development costs. Chilliwack Community Services contributed equity of approximately $3.5 million.
“We need to make sure Chilliwack stays a place where young people can put down roots and seniors on fixed incomes can live comfortably,” said Premier David Eby. “That’s why our government is supporting unique housing solutions like the Paramount. This affordable intergenerational housing complex for young adults who were formerly youth in care and seniors is the first of its kind in British Columbia and will provide residents with community, support and belonging.”
“The Paramount project is another example of what can be achieved when all levels of government work together,” said Sean Fraser, federal Minister of Housing, Infrastructure and Communities. “This partnership will help ensure that Chilliwack’s seniors and youth have safe and affordable homes where they can start new chapters. This is the National Housing Strategy at work and we will continue working to ensure that everyone from coast to coast to coast has a place to call their own.
