The federal government is handing over $127.4 million that will assist the construction financing to build 254 rental homes for two private development projects in East Vancouver.
Announced by Canada Mortgage and Housing Corporation (CMHC), with the money coming from the National Housing Strategy’s Rental Construction Financing initiative (RCFi), will assist the government to bring affordable housing in the province.
The first location is a project by Mosaic Homes at 2109 East Hastings Street, which is the old Dairy Queen location, will house 42 rental homes.
“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,” said Max Bruce with Mosaic Homes in a statement.
The other location is a 15-storey, mixed-use towers at 3600 East Hastings Street and 3680 East Hastings Street, which is right next to TransLink’s major Kootenay bus loop. This is constructed by PCI Developments and will house 212 rental homes, including 43 non-market units and 169 market units.
“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,” said Kristen Devaney, CFO of PCI.
“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,” said The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)