Government of Canada makes significant investment in affordable housing in Vancouver

Logo : Government of Canada (CNW Group/Canada Mortgage and Housing Corporation)

Logo: City of Vancouver (CNW Group/Canada Mortgage and Housing Corporation)

VANCOUVER, Aug. 7, 2019 /CNW/ - Every Canadian deserves to have a safe and affordable place to call home. That is why, in 2017, the Government of Canada launched the first ever National Housing Strategy, a $55 billion plan that will build more housing, invest in communities and cut homelessness in half.

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation, joined by George Chow, MLA for Vancouver-Fraserview on behalf of the Honourable Selina Robinson, British Columbia's Minister of Municipal Affairs and Housing, and Mayor Kennedy Stewart, City of Vancouver today announced that the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest up to $184 million for the construction of affordable housing on city-owned sites. In total, up to 1,100 units across Vancouver will be funded through this initiative.

With the help of the City's Vancouver Affordable Housing Agency (VAHA) and the Community Land Trust, a non-profit real estate developer and asset steward, and in partnership with the Government of British Columbia, CMHC is engaging proponents on nine projects, from proposed temporary modular housing, to mixed-market rental, to housing co-operatives. The City of Vancouver's contribution totals approximately $96.6 million in nominal leases on City-owned land, grants and Development Cost Levy (DCL) waivers.

Leveraging several National Housing Strategy initiatives, CMHC is guiding applications for its National Housing Co-Investment Fund (NHCF), Rental Construction Financing initiative (RCFi) and Affordable Housing Innovation Fund. 

The first project to receive funding, Pierview Homes, is under construction in the River District of southeast Vancouver and is set to open in 2020. The 140-unit co-operative housing development delivered by Community Land Trust on City-owned land is receiving a $53 million investment under the RCFi.

Projects in the initiative include:

• 1001 Kingsway
• 1210 Seymour Street & 560 Davie Street
• 177 West Pender Street
• 3310 Marine Way
• 3279-3297 Vanness Avenue
• 1190 Burrard Street & 937 Davie Street
• 3183 & 3245 Pierview Crescent
• 288 E Hastings (The Anjok)
• 2303-2355 Vanness Avenue (proposed temporary modular housing)

Quotes:

"Today is a great day for housing in Vancouver. The federal government is making an historic investment in housing that will help provide a safe and affordable place to call home for up to 1,100 families. With today's announcement we are building on our investments that have helped over 1 million families across Canada." – The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation

"We applaud this investment from the federal government, which will help to build much-needed homes for a range of people in need in Vancouver, including six projects the Province has committed funding to under the 10-year Homes for BC plan. We are working hard with all levels of government and community partners to build homes that British Columbians can afford, including more than 2,700 homes that are completed or underway in Vancouver." – George Chow, MLA for Vancouver-Fraserview

"I want to personally thank Prime Minister Trudeau and Minister Duclos for partnering with the City of Vancouver to deliver the housing we need. This landmark commitment helps us activate over $96 million in City-owned land, grants and waivers, demonstrating what happens when governments work together in partnership and deliver on their promises. The combined funding in today's announcement represents an incredible quarter billion-dollar investment in building a Vancouver that works for everyone. I look forward to similar future announcements to further address homelessness and secure the future of existing cooperative housing in the city." – Mayor Kennedy Stewart, City of Vancouver

Quick facts:

• CMHC is working directly with housing providers, from small non-profit socieites to large real-estate developers.
• With a budget of $13.2 billion, NHCF gives priority to projects that help those in greatest need, including women and children fleeing family violence, seniors, Indigenous Peoples, people with disabilities, those dealing with mental health and addictions, Veterans and young adults.
• Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes over the next 10 years.
• Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada through low-cost loans that are available to borrowers
• Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
• The Affordable Housing Innovation Fund is providing $200 million over 5 years for projects that showcase new funding models and innovative building techniques, lowering the costs and risks of financing affordable housing projects and helping to make the affordable housing sector more attractive for private market developers and investors.
• The Affordable Housing Innovation Fund will create up to 4,000 new affordable housing units and reduce the number of Canadians living in housing need.
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
• The Government of Canada is currently rolling out its National Housing Strategy (NHS), an ambitious 10-year, $55 billion plan that will create 100,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent.

Associated links:

• As Canada's authority on housing, 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 by 2030, 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.
• To find out what the Province is doing to improve housing affordability, visit: news.gov.bc.ca/factsheets/bc-government-addressing-housing-affordability-challenges
• A map showing the location of all announced provincially-funded housing projects in B.C. is now available online at: https://www.bchousing.org/homes-for-BC

SOURCE Canada Mortgage and Housing Corporation

Valérie Glazer, Press secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Leonard Catling, Media Relations, Canada Mortgage and Housing Corporation, [email protected], 604-787-1787; City of Vancouver, Civic Engagement and Communications, 604.871.6336, [email protected]; Media Relations, Ministry of Municipal Affairs and Housing, 778 698-9176; Laura Mathews, BC Housing, 604-439-8571

Related Links

www.cmhc-schl.gc.ca