The outline of qualifications for eligibility for the program are contained in the housing covenant Standard Charge Terms, one of the legal documents governing the operation of the program.
In summary, a Qualified Person is a Resident, Permanent Employee or Retiree who does not own, either directly or indirectly through a trust, business asset, or otherwise, any interest in real property anywhere in the world, for at least five years prior to the time that such person applies to be on the waitlist for a Resident Unit until such person completes the purchase of a Resident Unit.
- Permanent Employee means an individual who can demonstrate to the satisfaction of the Bowen Island Housing Corporation that he or she has secured full time permanent employment for more than one year with a business that operates on Bowen Island;
- Resident means an individual who can demonstrate to the satisfaction of the Bowen Island Housing Corporation that their current permanent residence has been in the Bowen Island Municipality for a minimum of one year; and
- Retiree means an individual who has ceased employment and who was a Resident for 5 of the 6 years within the boundaries of the Bowen Island Municipality immediately preceding the date on which the individual ceased employment.
Full details are contained in the application package.