Editor’s note: A previous version of this story said funding from the National Housing Co-Investment Fund was entirely in the form of loans. In fact, it is partially loans and partially a direct contribution.
The federal government has announced $184 million in funding for affordable housing in Vancouver.
The money will be disbursed through the Canada Mortgage and Housing Corporation (CMHC) and be used to build projects on City of Vancouver-owned sites to produce up to 1,100 new units.
The city is partnering in the project through its Vancouver Affordable Housing Agency and contributing about $96 million worth of nominal leases, grants and development cost levy waivers.
WATCH: Is affordable housing realistic in Vancouver?
The majority of the federal funding will come in the form of low-cost loans through the National Housing Co-Investment Fund ($60.5 million in loans and $66 million in direct contributions) and the Rental Construction Finance Initiative ($53.5 million in loans); $3.2 million will be funded as direct contributions through the Affordable Housing Innovation Fund.
The CMHC said at least nine projects are lined up under the program, ranging from temporary modular housing to mixed-market rental and co-op housing.
Jean-Yves Duclos, the federal minister responsible for the CMHC, was joined by NDP MLA George Chow on behalf of B.C. Housing Minister Selina Robinson and Vancouver Mayor Kennedy Stewart to announce the first project under the plan at its site in the city’s River District.
The 140-unit housing co-op, which is being built by non-profit developer Community Land Trust, is slated to open in 2020, the CMHC said.
- Caught on video: B.C. firefighter survives hit-and-run outside his own home
- Surrey crime prevention group stunned as city cuts funding
- Woman acquitted in heated confrontation outside North Vancouver sushi restaurant
- B.C. electric vehicle sales continue to rise as survey finds softening Canadian interest
Comments