Federal government supports 146 affordable homes in Vancouver

VANCOUVER, BC, Aug. 9, 2024 /CNW/ - The Hastings-Sunrise neighbourhood in east Vancouver will soon have 146 new affordable homes for seniors, families, and people with disabilities.

The Sunrise Village project at 2924 Venables Street, is a partnership between the federal government, the provincial government, the City of Vancouver, Metro Vancouver, and Brightside Community Housing.

Rendering of the new building street view (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

Rendering of the new building from the courtyard (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

Funding for this project includes:

• $10.95 million from the federal government, through the Affordable Housing Fund
• $15.9 million from the Province of British Columbia, through BC Housing
• $23 million in land equity from Brightside Community Housing
• $5.5 million Community Housing Incentive Program (CHIP) grant from the City of Vancouver and a Development Cost Levy (DCL) exemption valued at over $3 million
• $156,512 from Metro Vancouver
• $226,884 from Translink

The two new buildings are replacing an aging building with 64 apartments.

Construction is underway and expected to complete in 2026.

"Today's announcement demonstrates how the federal government is working with partners from all levels of government and non-profit organizations to create much needed affordable housing in Vancouver. We will keep investing in affordable housing projects like the one announced today, and working with partners across the country, to end the housing crisis." – The Honourable Hedy Fry, Member of Parliament for Vancouver Centre, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"Vancouver is a world-class city and that makes it especially challenging for seniors and families to find housing they can afford close to the amenities they need. That's why our government is taking action to deliver housing of all kinds, including more projects like Sunrise Village that create new multi-generational communities where people of all ages can thrive together." –  The Honourable Ravi Kahlon, Minister of Housing for the Province of BC 

"This project embodies our city's spirit of diversity and resilience, offering a range of affordable and attainable housing options that cater to the needs of our residents. By investing in projects like Sunrise Village, we are ensuring that Vancouver remains a vibrant, inclusive, and accessible city for all."  – Ken Sim, Mayor, City of Vancouver

"We are tremendously proud to be breaking ground on this long-awaited redevelopment, with thanks to all levels of government for the funding support that helped make this happen. The 146 homes that we will be opening here at Sunrise Village will offer genuinely affordable rental options in a multi-generational community of families, independent-living seniors, and people with disabilities. Sunrise Village will be constructed to Passive House certification standards, offering sector-leading zero-carbon energy efficiency and true affordability in the Hastings-Sunrise community." – William Azaroff, Chief Executive Officer, Brightside Community Homes Foundation

Quick facts:

• 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.
• These projects are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered nearly 80,000 new homes that have been completed or are underway, including more including more than 7,600 in Vancouver.
• The Province has provided a $29.6 million equity contribution through BC Housing's Supportive Housing Fund, and and BC Housing will retain ownership of 57 supportive housing units upon completion.

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, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
• To learn about B.C.'s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
• To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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]