Today, the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside the Honorable Harjit Sajjan, Member of Parliament for Vancouver -South and Minister of National Defense, announced a $ 39.8 million low cost loan to help build “Alder”, a new residential building located at 3625 Sawmill Cres., in South East Vancouver.
The Catalyst Community Developments Society’s “Alder” is a 5-storey residential building that will provide Vancouver with 119 new must-have rental units, ranging from studios to one, two and three bedroom units. Of these, 36 units will have rents subject to compliance with BC Housing’s Housing Income Limits (HIL) and another 23 units will be affected at an affordable price with rents equal to or less than 24% of that of Vancouver median household income. In addition, there will be an underground parking level with 76 spaces, storage for lockers and several bicycle storage areas. The project is located on land leased to the City of Vancouver and is subject to a housing agreement that will maintain affordability for at least 60 years.
The project received funding under CMHC’s Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage supply. stable rental housing for middle class families in expensive housing markets.
“Every Canadian deserves a safe and affordable place to call home. That’s why, through new investments like this one from the Catalyst Community Developments Society, our government is taking action not only to increase the supply of new rental developments, but also to provide housing options that are closer. jobs, services and amenities that middle-class families Vancouver need.” – The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)
“We know that everyone in British Columbia, and through Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Funding (RCFi) initiative is helping South Vancouver increase its supply of new rental housing projects. When completed, this project at 3625 Sawmill Crescent will provide new housing options for families and individuals who are even closer to good jobs, services and amenities in this growing corner of our South Vancouver community. “- The Honorable Harjit Sajjan, Member of Parliament for Vancouver South and Minister of National Defense
“Families who work in Vancouver rely on partnerships to provide them with the housing they need to stay in our city. Thanks to innovative funding from the government of Canada and $ 7.8 million in the lands of City of Vancouver, our partnership with the Catalyst Community Developments Society will create 119 units with very affordable rents that will help more of our neighbors stay close to the people and places they love. ” – Kennedy Stewart, Mayor of Vancouver
“Greater Vancouver, and each growing region in Canada, badly needs more affordable housing for local incomes. We believe community housing is the answer. Rental housing developed, owned and operated by non-profit organizations in partnership with CMHC and cities such as Vancouver is the innovation in which we must evolve and invest. ” – Luke harrison, President, Catalyst Community Developments Society
- The vacancy rate in Vancouver is 2.6% (October 2020).
- Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
- A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
- Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
- Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
- Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
- from Canada The National Housing Strategy (NHS) is a 10-year, over $ 72 billion plan that will give more Canadians a place to call home.
- To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.
- As from Canada housing authority CMHC contributes to the stability of the housing market and financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, Youtube, LinkedIn and Facebook.
- To learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Leonard Catling, Media Relations, Canada Mortgage and Housing Corporation, [email protected]