By Roy L Hales

Donations to the Rainbow Ridge affordable housing project, on Cortes Island, have reached the point that all loans can now be repaid.

A number of people loaned the project large sums of money, at rates as low as 0 per cent interest.

Map showing the +6 acres being rezoned, which is at the north end of a much larger parcel. The entire property is owned by the Cortes Island Senior Society. Photo taken from SRD rezoning application.

Project Coordinator Sandra Wood was not sure how much they have raised to date, but could confirm that by the end of 2020, the project had received the $450,000 needed to repay all outstanding loans.

“We have enough cash in hand to pay all of them back. There was never a mortgage on the Rainbow Ridge land. We bought the land outright with the money that local people had loaned us. So it wasn’t a mortgage, it was local loans combined with local cash that was donated, that enabled us to buy that property. So now we have no debt on the Rainbow Ridge property,” she said.

Artists' conception of proposed Rainbow Ridge development. Photo courtesy Cortes Community Housing.

Moving forward

The organization can now proceed to build up to twenty-two affordable housing units in Mansons Landing.

Wood said they still have money left over for construction, and on top of that are still waiting for the BC Housing Grant and project funding to be approved.

“That’s what we are hoping to hear back, hopefully later this year,” said Wood.

“Local Islanders are making this happen. They are using their personal savings and putting it towards community projects," she added.

Links of interest:

• (Cortes Currents) articles about or mentioning the Rainbow Ridge project
• The Cortes Community Housing website
• (Cortes Currents) articles about, or mentioning, Cortes Community Housing
• (Cortes Currents) articles about or mentioning the Rainbow Ridge project
• (Cortes Currents) articles about or mentioning the Cortes Island Senior’s Village