NORTH VANCOUVER, BC, Nov. 10, 2023 /CNW/ - The federal government is investing more than $40 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) for 89 purpose-built rental homes in North Vancouver.
This announcement follows the Honourable Sean Fraser's, Minister of Housing, Infrastructure and Communities, August 16 visit to Vancouver where he announced nearly $500 million for over 1,110 units, including the project announced today.
The new homes will be located at Baden Park – Site 4, 904 Lytton St. Amenities include a fitness room, bicycle repair shop, bicycle storage, underground parking, and storage lockers. Construction is expected to be completed in summer 2025.
Funding details include:
- $40.3 million in RCFi loans; $6.7 million from Anthem Baden Apartments Holdings LP; and the District of North Vancouver has provided community amenity contributions for affordable and rental housing secured under the housing agreements
"We need to boost housing supply across all areas of the market, including for middle-class Canadians. These 89 new units will provide residents with a safe secure and conveniently located place to call home. The federal government will continue to make investments through programs like the RCFi, and also continue working with our partners so that no Canadian ever has to worry about a place to live comfortably and safely." –The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"The investment in Baden Park – Site 4 represents a significant development for our community. These 89 new homes serve as more than just physical structures; they lay the foundation for a more robust and dynamic neighbourhood. By working with our partners to address local housing needs and ensuring access to secure living spaces, we are building a stronger and more resilient Canada" – The Honourable Terry Beech, Minister of Citizens' Services and Member of Parliament for Burnaby North-Seymour
"Our community needs nonmarket housing options and having the Federal Government partner with developers in our community and provide preferential loans can help us move another step closer to meeting that need." – Mike Little, Mayor, District of North Vancouver
"We're very thankful CMHC has partnered with us. At Anthem Properties, we build a wide variety of housing throughout Greater Vancouver. With our Baden Park project, we are able to bring 89 much needed purpose built affordable and market rental homes to the District of North Vancouver. Without programs like CMHC's Rental Construction Financing Initiative this would not be possible."– Rob Blackwell, Executive Vice President, Development Anthem Lytton Street Development
- The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- Through Investing in Canada Infrastructure Program, the Government of Canada has committed $3.9 billion to support infrastructure investments in British Columbia.
- Of that amount, the Government of Canada has allocated $2.21 billion to TransLink for projects in Metro Vancouver.
- Since 2018, the Government of Canada has approved 17 TransLink projects under Investing in Canada Infrastructure Program with a total federal contribution of $1.63 billion, including $888.3 million for the Millennium Line Broadway Extension and $493.3 million for the Expo and Millennium Upgrade Program.
- In 2021, the Government of Canada announced up to $1.3 billion in federal funding toward the Surrey Langley SkyTrain extension project, being built to accommodate projected population growth in Surrey and Langley.
- Major public transit infrastructure projects like the Surrey Langley SkyTrain strengthen communities, make more Canadians' lives easier and more affordable, and are aligned with the Government of Canada's commitment of net-zero emissions by 2050.
- 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, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
- Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
SOURCE Government of Canada
Information on this news release: Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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