Money may have been saved by buying instead of building Creston’s affordable housing

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To the Editor:

(Re: “Creston Valley Community Housing Society breaks ground on project”)

Maybe someone can help me with the math. The Advance listed $400,000 from B.C. and Canada, $400,000 from the Columbia Basin Trust, $400,000 in long-term financing, $26,000 equity, and $100,000 in grants or project savings. If the $100,000 is project savings, the total cost is $1,126,000 or an average of $187,700 per unit. If the $100,000 is grants, the total cost is $1,326,000 or an average of $221,000 per unit. How is this “affordable housing”?

There are approximately 50 residential units for sale within Creston right now on the multiple listing service website for less than $200,000, some a lot less than $200,000. Yes, some are pretty rough, but not most. Admittedly it was 2009, but I purchased a nice condo on Hillside Street for $100,000 plus closing costs. It would seem that, by purchasing existing housing, more units could have been obtained for the same money. Or the same number of units for less money.

So what is wrong with my math?

Peter Bulkowski

Calgary