VANCOUVER, BC, July 29, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, British Columbians will now have access to more stable rental housing options.
Today, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside the Honourable Harjit Sajjan, Minister of National Defence, announced low-cost loans totaling $349 million to help construct three new residential rental projects in British Columbia.
The three projects, developed by Wesgroup, will build a total of approximately 836 new units of much needed -rental housing options close to public transit, schools and services for middle-income families.
The three projects are:
The project received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
Quotes:
"Every Canadian deserves a safe and affordable place to call home. That's why our government is taking action to increase the supply of rental housing through projects like the three we are supporting today. This new rental housing will provide families in British Columbia better access to jobs, services and the amenities they need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"The past year and a half has reminded Canadians how vital it is to have a home. Hard working middle class families in Vancouver South and New Westminster deserve homes they can flourish in: a place where their children can grow and our neighbourhoods can thrive. This investment will create rental options for more than 800 families across Vancouver South and New Westminster." – The Honourable Harjit Sajjan, Minister of National Defence and Member of Parliament for Vancouver South
"By providing financing for these three new rental housing projects to provide over 800 new rental units for families, our government is taking action to not only increase the supply of new rental developments here in British Columbia and across Canada, but to also provide housing options that are closer to jobs, services and amenities for middle-class families." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development
"CMHC's RCFI program aligns with Wesgroup's core values, and through our partnership together we have successfully converted three projects that would have otherwise been condominiums into affordable, accessible and sustainable rental homes. These developments provide quality housing accessible to a wide demographic, with great access to transit, amenities, services and jobs. This partnership demonstrates the successful implementation of a targeted government strategy and helps to address the challenges of delivering quality housing in dense urban areas. Moreover, this is a great example of the private sector collaborating with various levels of government in an effort to actively address the lack of housing supply in our province." – Beau Jarvis, President of Wesgroup
Quick facts:
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SOURCE Canada Mortgage and Housing Corporation
Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Canada Mortgage and Housing Corporation, [email protected]
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