With the help of the National Housing Strategy construction is underway at a 145-unit mixed-use building just outside of downtown Vancouver, with 120 homes earmarked at affordable rents lower than 30% of Vancouver’s median household income. Affordability at the development will be held for at least a 60-year period.
Through Canada Mortgage and Housing Corporation’s (CMHC) Rental Construction Financing initiative (RCFi), the federal government is committing $48.5 million for construction of the 9-storey project. The City of Vancouver, through Vancouver Affordable Housing Agency (VAHA), has provided land for the 60-year lease of the site, estimated at $16.85 million.
The RCFi encourages construction of affordable rental housing, adding much needed rental supply to help hard working middle-class families who are struggling in expensive housing markets across the country.
The Honourable Joyce Murray, President of the Treasury Board and Minister of Digital Government, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) and Mayor Kennedy Stewart, City of Vancouver, made the announcement today.
Located at 188 East 6th Avenue, the development is situated near amenities including shopping, restaurants, schools, parks, bike paths and public transportation.
"It is with a strong sense of purpose that our Government is contributing to help make this housing development a reality. With the help of the National Housing Strategy’s Rental Construction Financing initiative, large projects like this are breaking ground across the country. Together with our partners, we’re building rental market capacity that will benefit a generation of hard-working middle-class Vancouverites.”
“We’re proud to have provided the land for this development which will create much-needed affordable homes for hundreds of people in Vancouver. This new building will ensure that Vancouver's residents—especially families—can stay living and working here in the city. We’re grateful for our partnership with Catalyst Community Developments Society and with the federal government—affordable housing is our number one priority and we know that working together with non-profit developers and with different levels of government is the best way to deliver homes for lower- and middle-income households.”
“Catalyst is very excited to be working in partnership with CMHC to secure this RCFi financing for our project at 188 East 6th Ave. This highly beneficial financing perfectly compliments our land partnership with the City and VAHA. Combined, these elements enable Catalyst to develop, own and operate 145 homes that will provide critically needed secured affordable rental housing. The 145 households of families, single and couples that will call this place home will now have the stability and affordability they need to flourish.”
- The project is designed to achieve energy-efficiency savings of 23% and a reduction in greenhouse gas emissions of 27% relative to National Energy Code for Buildings (NECB) 2015.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
For more information about the Rental Construction Financing initiative or to apply, please visit www.cmhc-nhs.ca.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Since 2013, Catalyst has partnered with community organizations, non-profits and municipal governments to create projects that deliver on their mission—to unlock the value of community assets to create vibrant, affordable, and inspiring place for people to live and work in. To find out more, visit https://catalystcommdev.org
Information on this release:
Office of the Minister of Families, Children and Social Development
City of Vancouver
Civic Engagement and Communications