Federal government announces $179 million new rental homes in Abbotsford, Langley, and Surrey

ABBOTSFORD, BC, Nov. 16, 2023 /CNW/ - Today, the federal government announced nearly $180 million to build 590 purpose-built rental homes across four projects in Abbotsford, Langley, and Surrey. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at The Hub by John Aldag, Member of Parliament for Cloverdale—Langley City, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Lara Holtby, Chief Financial Officer at Wiebe Properties.

Located at 3070 Gladwin Road in Abbotsford, this project contains 64 units. The Hub will also include a 9,000 square foot amenity centre on the ground floor where residents can access a gym and fitness centre, multipurpose room, lounge areas, business centre with working spaces, guest suites for friends and family, and an outdoor patio. Construction of The Hub is expected to be complete in summer 2024.

Next to The Hub –also by Wiebe Properties – is Park Suites, located at 3030 and 3040 Gladwin Road, which was completed in 2022. Park Suites spans two buildings and offers 157 units. Both The Hub and Park Suites are part of Central Park Village, a community spanning 9.5 acres.

Canada's construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Funding details for the four projects include:

• $35.5 million RCFi for Park Suites, 3030 and 3040 Gladwin Road
• $18.1 million for The Hub, 3070 Gladwin Road
• $64 million RCFi for 213 units at Pennyfarthing Apartments, 2023 456 Avenue, Langley; $9.15 million from Pennyfarthing Homes
• $62.3 million RCFi for 156 units at the Grove, 16622 24 Street, Surrey

Quotes:

"We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities 

"These purpose-built rental homes in Langley, Surrey, and Abbotsford are an essential part of the solution to the housing crisis. Through RCFi, our government can increase its supply of new rental developments so Canadians can live and work in their communities. These projects offer much-needed housing for families and individuals to grow and flourish in these beautiful cities we call home." – John Aldag, Member of Parliament for Cloverdale—Langley City

Quick facts:

• The federal government's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
• 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.

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 Government of Canada

Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]