VANCOUVER, BC, Aug. 11, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Vancouver will now have access to more stable rental housing options.
VANCOUVER, BC, Aug. 11, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Vancouver will now have access to more stable rental housing options.
Today, the Honourable Ahmed Hussen, 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 and Member of Parliament for Vancouver South, announced that the federal government is providing a total of $127.35 million through three low-cost loans to help construct 254 new housing units located at 2109, 3600, and 3680 East Hastings Street in Vancouver.
The project located at 2109 East Hasting Street is a 6-storey mixed-used building containing 42 residential units, developed by Mosaic Homes.
The project located at 3600 East Hastings is a 15-storey mixed-use building containing 94 residential units, while the project located at 3680 East Hastings is a 15-storey mixed-use building containing 118 residential units. The buildings are being developed by PCI Developments.
These projects are transit-focused – 2109 E Hastings is located only 50 metres from the nearest bus stop, has accessible dedicated bike lanes, while the neighbourhood is a popular pick up/drop off location for various car share services. The projects at 3600 and 3680 E Hastings are located approximately 120 meters from the Kootenay Bus Loop which is a major transit exchange. Located in the Hastings-Sunrise neighborhood, these three projects are directly along the Hastings Corridor, with easy access to public transit, Hasting Community Park, Pacific Coliseum, Playland, and various amenities.
All three projects demonstrate good affordability, with each project exceeding municipal accessibility standards. Each project is designed to achieve decreases in energy intensity and greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
These projects 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, through these investment on East Hastings Street and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Vancouver 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)
"We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government's Rental Construction Financing initiative (RCFi) is helping Vancouver to increase its supply of new rental developments. When it is complete, these projects on East Hastings Street will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in Vancouver." – The Honourable Harjit Sajjan, Minister of National Defence and Member of Parliament for Vancouver South
"Here in the heart of East Vancouver, middle-class and working people define our community. These investments will help create much needed affordable homes and ensure a new generation of families can continue to call this diverse neighbourhood home. When the City and Federal Government work in partnership to help residents stay close to the people and places they love, we get closer to a Vancouver that works for everyone." – Kennedy Stewart, Mayor of Vancouver
"As a local Vancouver developer, PCI is focused on building new, desirable rental housing to help address the acute need for quality affordable homes for those living and working in our City. It is because of CMHC's Rental Construction Financing Initiative and the support from the community and the City that we are able to viably deliver significant supply of secured market and below market rental homes in this great community." – Kristen Devaney, Group Chief Financial Officer, PCI Developments
"For over 20 years, MOSAIC Homes has been committed to providing Metro-Vancouver residents with quality housing options. We build real homes, for real people. New rental housing in Vancouver is paramount, and our Lakewood Living project, with the help of the CMHC and its RCFi initiative, will provide a significant source of rental housing to Vancouver's East Village neighbourhood with close proximity to amenities, transit, and employment opportunities. We are excited to be a part of this vibrant, walkable community and we are looking forward to contributing crucial rental options in the area." – Max Bruce, Partner - Income Properties, MOSAIC Homes
Quick facts:
Associated links:
SOURCE Canada Mortgage and Housing Corporation
Hafsah Asadullah, Office of the Minister of Families, Children and Social Development, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
Share this article