Advertisement

Federal government finances $574M for rental home construction in Vancouver

Construction cranes tower above condos under construction near southeast False Creek in Vancouver on February 9, 2020. THE CANADIAN PRESS/Darryl Dyck

The federal government is providing more than $574 million in financing to help build about 950 rental homes in Vancouver.

The government says in a news release that a project on 42nd Avenue is one of four locations receiving funds through the Apartment Loan Construction Program, which offers repayable low-interest loans to encourage more rentals builds for middle-class Canadians.

It says the site, which is being built by Marcon Developments Ltd., has received $110 million through the fund to build 211 apartments in a mix of sizes, including two-bedroom units.

Click to play video: 'Ottawa proposes reforms to help renters'
Ottawa proposes reforms to help renters

The government says the location is within the Oakridge town centre and is within walking distance to a Canada Line station.

Story continues below advertisement

Three other sites in Vancouver are also receiving loans from the program, which includes $185.4 million for 1099 Harwood Street, $184 million for 1066 Harwood Street and $94 million for 1317 Richards Street.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Harjit Sajjan, minister responsible for Pacific Economic Development Canada, says the need to build more housing is becoming increasingly crucial as the city’s population grows, and these projects are an “essential part of the solution.”

“When it is complete, these four projects will offer much-needed housing for families and individuals that are close to jobs, services and amenities in the community,” he says in the release.

 

Sponsored content

AdChoices