VANCOUVER – Families and seniors in need of affordable housing in Vancouver will benefit from new affordable rental and co-op homes, thanks to an agreement involving the governments of Canada and British Columbia, the City of Vancouver, and the co-op and non-profit housing sector.
The Community Land Trust Foundation partnership will result in the creation of 358 new housing units, providing low-income families, seniors and individuals with a safe, affordable place to stay in the city.
The Governments of Canada and B.C are providing a combined investment of $4 million through the Canada-B.C. Agreement for Investment in Affordable Housing. The B.C. government is also arranging more than $90 million in construction financing and providing a grant of $500,000. The City of Vancouver is contributing $24.7 million in land equity.
These new affordable housing projects will be built across several neighbourhoods in Vancouver, on four city-owned sites:
- 1700 Kingsway (48 units)
- 2780 SE Marine Drive (80 units and 32 town homes)
- 2800 SE Marine Drive (108 units)
- 2910 E Kent Avenue South (90 units)
Construction has started at all sites. The development at 1700 Kingsway is scheduled to be completed in February 2017, while the remainder of the sites are expected to finish by spring 2018.
- Since 2001, the B.C. government has invested $4.4 billion to provide affordable housing for low-income individuals, seniors and families.
- More than 102,500 B.C. households benefit from provincial social housing programs and services.
- Last year, the B.C. government invested more than $148 million to provide subsidized housing and rent supplements for more than 27,000 households in Vancouver.
For more information on provincial housing investments in Vancouver, please visit: www.housingmattersbc.ca/docs/fs_Community-Vancouver.pdf