Canada announces more than $52 million for new rental homes for North Vancouver
NORTH VANCOUVER, BC, Nov. 10, 2023 /CNW/ - New rental homes in North Vancouver, funded by the Government of Canada's investment of more than $52 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi), are providing residents with safe and secure housing. Construction was completed on the 104 purpose-built homes in November 2022 and the building is now fully leased.
This announcement follows the Honourable Minister 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.
Trails Phase 2B is located at 520 1st Street East and offers 104 units. The low-rise apartment building is located close to transit and community amenities and each unit has in-suite laundry.
Funding details include:
- $52.28 million in RCFi loans; $4.1 million from Wall Trails Rental LP
Quotes:
"We need to boost housing supply across all areas of the market, including housing for middle-class Canadians. These 104 units of housing announced today are already providing residents with safe and secure housing that is close to transit and where they live and work. I'm thrilled to see these new homes are making North Vancouver an even better place to live. The federal government will continue to make strategic investments through programs like the RCFi, while also working with our partners so that all Canadians, including residents of North Vancouver, have a safe place that they are proud to call home." − The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Today, we are delighted to announce funding for over 100 homes in North Vancouver to support the needs of individuals and families in the community. These new homes are more than four walls and a roof, they are the foundation for strong, vibrant communities where residents are already thriving. This is one of the many ways the Government of Canada's National Housing Strategy is ensuring that no one is left behind." – The Honourable Jonathan Wilkinson, Minister of Energy and National Resources and Member of Parliament for North Vancouver
"Wall Financial Corporation and CMHC have a longstanding relationship that has facilitated the delivery of deliver countless of rental housing units throughout Metro Vancouver and the Lower Mainland. The new innovative CMHC RCFi program represents a significant opportunity to allow private developers to deliver purpose-built rental housing. Through shared dedication and combined efforts, we are able to get more homes built. We thank both CMHC and the City of North Vancouver for their support." – Bruno Wall, President and CEO, Wall Financial Corporation
Quick facts:
- 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.
Related links:
- 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 Canada Mortgage and Housing Corporation (CMHC)
Information on this news release; Kevin Collins, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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