A new housing project in Port Moody will give local tenants a chance to become homeowners in the development. Thirty of the 358 units to be constructed at 50 Electronic Avenue are going to be rent-to-own homes. Affordability is expected to be achieved through two measures. One is that rents will be charged below market rates, according to developer Kush Panatch. Second, the Panatch Group will fix the purchase price as if tenants were buying their units today.
“We are going to let you rent it from us for two years from the day it’s ready you can move in,” Panatch told the Georgia Straight in a phone interview. “But then what we’re going to do is we’re going to take the rent that you’re paying us, we’re going to put that in a trust account and save up that rent, and we’re going to apply that towards your down payment.”