A number of people loaned the project large sums of money, at rates as low as 0 per cent interest.<\/p>\n
![\"Rainbow](\"https:\/\/canada-info.ca\/wp-content\/uploads\/2021\/02\/Screen-Shot-2020-01-30-at-8.52.35-AM.png\")
<\/a>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.<\/p><\/div>\n
<\/p>\n
Project Coordinator Sandra Wood<\/a> 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.<\/p>\n \u201cWe 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\u2019t 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,\u201d she said.<\/p>\n Artists' conception of proposed Rainbow Ridge development. Photo courtesy Cortes Community Housing.<\/p><\/div><\/figure>\n<\/div>\n The organization can now proceed to build up to twenty-two affordable housing units in Mansons Landing<\/a>.<\/p>\n Wood said they still have money left over for construction, and on top of that are still waiting for the BC Housing Grant<\/a>\u00a0and project funding to be approved.<\/p>\n \u201cThat\u2019s what we are hoping to hear back, hopefully later this year,\u201d said Wood.<\/p>\n \u201cLocal Islanders are making this happen. They are using their personal savings and putting it towards community projects,\" she added.<\/p>\n By Roy L Hales Donations to the\u00a0Rainbow Ridge affordable housing project, on\u00a0Cortes 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. Project Coordinator Sandra Wood was not sure how much they…<\/p>\n","protected":false},"author":34,"featured_media":39488,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[57],"tags":[579,314,6161,1829],"radio":[252],"origine":[280,266,231],"acf":[],"_links":{"self":[{"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/posts\/39477"}],"collection":[{"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/comments?post=39477"}],"version-history":[{"count":0,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/posts\/39477\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/media\/39488"}],"wp:attachment":[{"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/media?parent=39477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/categories?post=39477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/tags?post=39477"},{"taxonomy":"radio","embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/radio?post=39477"},{"taxonomy":"origine","embeddable":true,"href":"https:\/\/canada-info.ca\/en\/wp-json\/wp\/v2\/origine?post=39477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"A](\"https:\/\/cortescurrents.ca\/wp-content\/uploads\/2021\/02\/20-06-09_cortes_housing_rainbow_ridge_view-1-1038x576-1.jpg\")
Moving forward<\/h2>\n
Links of interest:<\/h2>\n
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