VANCOUVER, BC, March 6, 2025 /CNW/ - Today, the federal government announced $15.2 million to build 36 rental homes in Vancouver. The funding will come as a fully repayable low-interest loan through the Apartment Construction Loan Program.
The announcement was made by Taleeb Noormohamed, Member of Parliament for Vancouver Granville on behalf of the Honorable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities alongside Tat Jang, Co-owner of Shaughnessy Gardens.
Located at 1037 West King Edward, Shaughnessy Gardens offers 36 rental apartments and town homes for residents of Vancouver. It includes a mix of one-, two-, and three-bedroom units. The project was completed in 2024 and is fully occupied.
Details of funding:
$15,250,000 in low-interest, repayable loans through the Apartment Construction Loan Program
$374,437 in waived development fees from the City of Vancouver
$3,217,563 in cash and land equity from Wescorp Developments
Canada's construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the Apartment Construction Loan Program to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
Quotes:
"Shaughnessy Gardens represents the future of urbanisation, reducing green house gas emissions, promoting community living through third spaces, and providing affordable housing options within our community. As a part of a pilot program for sustainable housing development, this project improves the quality of life for residents and the greater community." – Taleeb Noormohamed, Member of Parliament for Vancouver Granville
"Our dream of constructing affordable rental housing in the most expensive and exclusive residential district of First Shaughnessy was met with many naysayers and cynicism. But with the support from the City of Vancouver and CMHC, we were able to fulfill our dream of providing a rental property that emphasized open spaces and natural lighting. Highly livable areas provide affordable housing that is well serviced by public transport, walking and cycling infrastructure. They have good access to employment, education, shops and services, public open spaces, and social, cultural and recreational facilities. We believe we have met and surpassed these expectations for our tenants that we have welcomed into this neighbourhood." – Tat Jang, Co-owner Shaughnessy Gardens
Quick facts:
- The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
- As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
- The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
- The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- As of September 2024, CMHC has committed $20.65 billion in loans through ACLP to support the creation of more than 53,000 rental homes.
- It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes. The application intake including these enhancements opened on November 22.
Additional Information:
- Visit Canada.ca/housing for the most requested Government of Canada housing information.
- 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 everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on X (formerly Twitter), Instagram, YouTube, LinkedIn and Facebook.
- Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Media Contacts: Sofia Ouslis, Ministry of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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