BC Housing Granted Foreclosure Of Affordable Housing Project

The Olympic Villas affordable housing project, located at 4010 Walters Street in Merritt, completed in November 2022 with $16.6M in low-interest financing from BC Housing.The real estate foreclosures that have occurred across British Columbia in the past year or so generally all have one thing in common: the properties were the subject of a development proposal that failed to get off the ground.

In its petition to the court, which was later amended in January 2024, BC Housing said that it was owed $17,089,152.67 as of September 30, 2023, with interest. The mortgage was registered in March 2020 and saw BC Housing provide $16,595,028 in interim construction financing. Olympic Villas Inc. is the mortgagor, while TBS Procurement Interface Inc. is the covenantor.

Those reasons include pandemic-induced supply chain issues, forest fires in the region that cause evacuations, and more, which delayed construction on the project, but the two sides ultimately reached an agreement to extend the repayment date three times, in May 2021, January 2022, and August 2022, the last of which set the final repayment date at November 1, 2022.

After BC Housing discovered the error, the developer signed the amended agreement in July 2023, backdated to August 2022, after some complaints about the higher interest rate. BC Housing filed the modified mortgage title on September 7, 2023. However, it then sent a notice of default to the borrowers the next day, saying that the borrowers were in arrears on property taxes for 2022 and 2023, and subsequently initiated the foreclosure proceedings in November.

The borrowers say they have retained Colliers to assist them in soliciting offers for the property. BC Assessment values the property at

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