Federal government invests in 4894 affordable homes in Vancouver

VANCOUVER, BC, July 24, 2024 /CNW/ - Today, the federal government announced more than $197.2 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair of 4910 affordable homes in Vancouver.

The announcement was made by the Honourable Harjit Sajjan, Minister of Emergency Preparedness, and Minister Responsible for PacifiCan- on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

It took place at Ashley Mar Housing Co-operative at 8460 Ash Street, Vancouver, which received $22.8 million through a contribution and low-interest loan. Fifty-four townhomes are being replaced with a new building comprised of 125 homes ranging in size from one -to five-bedrooms, directly adjacent to the Marine Drive Canada Line station. The 16-storey building will be operated by the Ashley Mar Housing Co-operative and feature indoor amenities such as a fitness centre, games room and social lounge and expansive outdoor amenities. Homes will be fully adaptable and 20 percent will be accessible. Each Ashley Mar household is issued one share upon joining the housing co-operative, which gives each member an equal right to vote in the governance process.

A detailed list of projects that received funding is provided in an appendix to this release.

Quotes:

"Everyone deserves a place to call their own and the Affordable Housing Fund is one way we're helping make that a reality for Canadians. We will keep investing in affordable housing projects like the ones announced today, and working with partners across the country, to end the housing crisis." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"We need innovative solutions and quick action to fix the housing crisis. Through the Affordable Housing Fund, we are building and repairing over 4910 homes in Vancouver. By working with our communities, we are investing $197.2 million to support those who need social and affordable housing the most." – The Honourable Harjit Sajjan, Minister of Emergency Preparedness, and Minister Responsible for PacifiCan 

Quick facts:

• The federal funding announced today is helping create a total of 562 new homes and is leading to the repairs of 4,348 homes.
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable housing and renovate and repair existing, affordable and community housing.
• Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
• This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
• As of March 2024, the federal government has committed $50.97 billion to support the creation of over 146,000 units and the repair of over 286,000 units.
• To support the Government's work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

• 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, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Appendix: Projects receiving funding under AHF

Project Name	Region/City	Funding	Units
Ashley Mar Housing Co-operative	Vancouver	$22,819,225	125
Baptist Housing Portfolio Repairs	Delta	$7,830,000	783
Rupert Seniors Affordable Housing and top up funding	Vancouver	$20,444,442	64
Shelter	Vancouver	$38,708	10
1766 Frances St. Redevelopment	Vancouver	$9,165,098	81
Murray Hotel	Vancouver	$239,702	120
Coast Foundation Society 1974 Repairs	Vancouver	$3,560,000	356
VRS Communities Society Repairs	Vancouver	$7,000,000	700
City of North Vancouver -- City	North Vancouver	$33,468,223	89
Heather Place B - Metro Van	Vancouver	$31,939,081	87
City of Vancouver - Repairs -  City	Vancouver	$3,280,000	328
BC repair- Provincial portfolio offer - Province	Vancouver	$20,000,000	2000
2495 West 3rd Avenue Vancouver	Vancouver	$92,777	31
Brightside 8705 French Street Redevelopment Project	Vancouver	$37,338,008	100
Inti Housing Co-operative	Vancouver	$74,783	20
Total		$197,290,047	4984

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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