VANCOUVER, Nov. 19, 2018 /CNW/ - Hard working middle-class families in Vancouver deserve to have a safe and affordable place to call home where they can thrive and spend more time with their children.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 115 new rental housing units in Vancouver to help middle-class families have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing over $40.2 million for the construction of Conrad by Cressey Development. The project, attached 3.5-storey and 6-storey apartment buildings (111 units), a 3-storey infill townhouse and a 2-storey restored heritage house (4 units), will provide safe and affordable homes to 115 families. Over 60% of the units will have rents at or lower than 30% of median household income in the area and, under an agreement with the City of Vancouver, this affordability will be maintained for 60 years.
This project will provide affordable housing options close to public transit, schools and services for modest and middle-income households. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class families struggling in expensive housing markets.
"Through the National Housing Strategy, more middle class Canadians - and those working hard to join it - will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Vancouver middle-income families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today." – The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation
"Development of purpose built rental housing is a critical component in addressing the housing affordability crisis that we face here in Vancouver, and in communities right across the country. We are thrilled to be partnered with CMHC through the Rental Construction Financing initiative, which has directly contributed to the supply of these 115 much needed purpose-built rental units." – Jason Turcotte, Vice President Development at Cressey Development Group
- 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 from 2018 to 2021.
- The RCFI will encourage the construction of more than 14,000 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.
- The rental market vacancy rate in Vancouver is at 0.9%.
- The Cressey Development project will achieve energy savings of 22.7% and a reduction in greenhouse gas emissions of 18.3%.
- 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. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram 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]; Gabriel Teo, Public Affairs, Canada Mortgage and Housing Corporation, (604) 737-4137, [email protected]