PORT COQUITLAM, BC, Oct. 11, 2023 /CNW/ - The Government of Canada is investing over $267 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build 693 purpose-built rental homes across two projects in Coquitlam and one in Port Coquitlam.
The announcement was made by Ron McKinnon, Member of Parliament for Coquitlam—Port Coquitlam on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Councillor Glenn Pollock, City of Port Coquitlam, and Stephen Bennett, CEO, Affordable Housing Societies.
2471 Gately Avenue in Port Coquitlam will offer 300 rental units across three 6-storey buildings. Located close to public transit, community amenities and walking trails, the development features a new 33-spot childcare centre and surface- level and below-grade parking for residents. The first phase of construction is expected to be complete in early 2025.
Meridian, located at 515 Cottonwood Avenue in Coquitlam, will offer 267 rentals for Coquitlam residents. The purpose-built rental building will feature a mix of one-, two- and three-bedroom homes. Residents will have access to 10,000 sq. ft. of indoor amenity space including a gym, dining room, social lounge, collaborative workspace and yoga studio, as well as 7,800 sq. ft. of outdoor amenity space including a courtyard, dog area, BBQ stations and kids play area. This mixed-use building is situated along a Skytrain corridor and include commercial space on the first two floors. Construction is expected to be complete in fall 2024.
710 Dogwood Street in Coquitlam will offer 126 rentals for Coquitlam residents. The wood-frame, low-rise apartment building will be located in the Burquitlam neighbourhood. It will be situated close to neighbourhood amenities within a short distance to the Burquitlam Evergreen Skytrain station. Estimated completion is summer 2024.
Funding details include:
- 2471 Gately Ave, Port Coquitlam: $96 million in RCFi loans; $300,000 from the City of Port Coquitlam and $28.9 million in cash and land equity from Dogwood Holdings Society; $1.5 million in funding for the child care centre is through the Province of British Columbia's ChildCareBC New Spaces Fund
- 515 Cottonwood Ave, Coquitlam: $121 million in RCFi loans; $38 million in cash and land equity from Cottonwood Avenue Ltd Partnership; Rental incentives, including extra density and parking reductions, valued at $7M from the City of Coquitlam
- 710 Dogwood St, Coquitlam: $50.3 million in RCFi loans; $12 million in cash equity and $16,749 in land equity from Marcon Dogwood Properties Ltd; Rental incentives, including extra density and parking reductions, valued at $7M from the City of Coquitlam plus a density transfer with another Marcon project, which resulted in doubling the number of below-market rental units provided.
"These projects demonstrate the strong commitment and partnership between the federal government and the private sector. Through RCFi, this investment in housing will soon create hundreds of safe, well-built homes for hardworking, middle-class Canadians and add much needed supply to the rental market in the region. This is one example of the National Housing Strategy ensuring every Canadian has a safe place to call home. − The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Through new investments in projects like the ones announced today, 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, public transit and amenities for middle-class residents of the Greater Vancouver Area. The Government of Canada will continue to work hard to tackle the housing supply crisis and ensure all Canadians can find a home that meets their needs and budgets. I am pleased to see our National Housing Strategy come to life to make this impact on our community." – Ron McKinnon, Member of Parliament for Coquitlam-Port Coquitlam
"We are proud to partner on this project to build a modern, new childcare centre conveniently located where families will live. Co-locating childcare in new housing developments just makes sense for families, providing a convenient drop-off and pick-up location. The new centre will be an asset to the new neighbourhood and larger community for years to come." – Mike Farnworth, MLA, Port Coquitlam-Burke Mountain
"This project represents the largest infusion of affordable non-market housing units in Port Coquitlam in decades. This investment will help us continue to meet our housing goals. We continue to remain committed to increasing the number of affordable housing options here in Port Coquitlam and ensuring that we are providing support to those who need it the most so they can call this beautiful place home." – Brad West, Mayor, City of Port Coquitlam
“Through its Housing Affordability Strategy, the City of Coquitlam is making a significant commitment to bolster housing supply and support housing affordability in our community. This is reflected through our collaboration and partnerships with other levels of government and non-profit housing providers, and using the City’s rental housing incentives to bring public benefit to Coquitlam residents. We are excited to know that the funding announced today will deliver close to 400 new, purpose-built rentals in Coquitlam, including 48 below-market and five accessible rental homes.” – Councillor Dennis Marsden, Acting Mayor, City of Coquitlam
"At AHS we are incredibly proud to bring 300 new affordable rental homes to the Port Coquitlam Community, as part of our commitment to make a meaningful difference for the housing crisis we find ourselves in today in BC. It gives us an immense sense of satisfaction to know that these homes will provide safe, secure housing for individuals and households who might otherwise have struggled to remain in the Port Coquitlam community. We want to extend our gratitude to our exceptional partners for helping bring this project to reality." – Stephen Bennett, CEO, The Affordable Housing Societies
- 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.
- Since 2018, The Province has funded the creation of more than 32,000 new licensed child care spaces, with 13,000 of these spaces operational and providing care for children.
- 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.
- To find out more about how B.C. is creating new child care spaces, visit ChildCareBC New Spaces Fund.
SOURCE Government of Canada
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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