SURREY, BC, Sept. 6, 2019 /CNW/ - A new 118-unit rental development will be underway in South Surrey, with most of its units having rental rates below 30% of the median household income in the area.
Gordie Hogg, Member of Parliament for South Surrey-White Rock, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced a $45.38 million conditional commitment for construction of the 6-storey building located at 1881 152nd Street in Surrey.
The building, named Alden, is receiving funding through the Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports affordable rental housing construction projects to encourage a stable supply of rental housing for middle-class families struggling in expensive housing markets across the country.
The developer, Porte Communities, is a well-established for-profit organization with over 50 years of development and property management experience in residential and commercial properties.
"Our Government is committed to building more rental housing to give hard-working middle-class Canadians much needed relief in tight rental markets. This CMHC initiative is a pillar of our National Housing Strategy, and every month we're seeing more and more projects come online because of it." — Gordie Hogg, Member of Parliament for South Surrey–White Rock
"Porte Communities is excited to announce that we are bringing a brand new rental community to South Surrey. Alden will be located on a property that has been owned by Porte and our partners for over 30 years. Through the RCFi program available through CMHC, we will be able to create new rental housing and we are excited to start construction later this fall. With almost half a century of experience working in Surrey, this project, Alden, will continue to demonstrate our commitment to the people living and working in Surrey. One of our core values is Community Builders and the creation of rental housing allows us to live this value. — David Porte, President, Porte Communities
- The project will include a good distribution of suite types, including studios, one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom plus den and loft units. At Alden, 94 out of 118 units will have rents at or below 30% of the median income in the area.
- The project is designed to achieve energy-efficiency savings of 15.5% and greenhouse gas emission reductions of 23.9%, relative to 2015 model building codes.
- 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.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- 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.
- 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.
- For more information about the Rental Construction Financing initiative or to apply, please visit www.cmhc-nhs.ca.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Leonard Catling, CMHC, 604-787-1787, [email protected]