MERRITT HERALD EST. 1905
THURSDAY, November 7, 2024 • www.X.com/merrittherald • www.merrittherald.com
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Olympic Villas pays off $18M debt Laísa Condé
editor@merrittherald.com
Merritt Youth and Family Resources welcome their new van after they lost their transportation during the 2021 flood. Page 9. Photo/Lenora Fletcher
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Olympic Villas Inc. has announced it has successfully resolved its debt with BC Housing. At the time, BC Housing started foreclosure proceedings against the rental apartment building in Merritt after the developer failed to repay a low-interest 2019 construction loan on time. Back in May, the outstanding loan was worth $18 million. The resolution means there is currently no judgment against Olympic Villas, a development the company hopes will restore public trust and transparency. In a statement, Olympic Villas Inc. emphasized that its project was never designed as an affordable or low-income housing initiative. This clarification comes in response to comments from BC Housing that the company claims have caused confusion among the public and harmed its reputation. “We believe that accurate information is crucial for public understanding, and we are committed to correcting any misconceptions,” the news release reads. The announcement follows a press conference held by BC Housing in August 2024, where officials indicated plans
to take over the Olympic Villas project in Merritt. According to Olympic Villas Inc. the announcement made in August came just three days after the development company confirmed the full payout of its loan. The company expressed surprise at BC Housing’s lack of communication regarding the resolution. “We are proud to report that this loan has now been fully paid,” the representative added. “It is disappointing that BC Housing has not issued an update to the public.” In an email to the Herald, BC Housing confirmed that “the debt owed to BC Housing on this project, including accrued interest outlined in the court order, has now been repaid in full.” The provincial Crown corporation also confirmed that Olympic Villas Inc. will continue to operate the building as a rental facility. Despite these challenges, Olympic Villas Inc. reiterated its commitment to serving the community and aligning its operations with the needs of residents. The company plans to provide ongoing updates and remains open to dialogue with community stakeholders.
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