This project by Karvin Developments Ltd., is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
With a vacancy rate of 1.5%, The Locale is a 4-storey multi-residential building that will provide Chilliwack with 28-units of much needed rental housing. The project is located in a premium location in downtown Chilliwack, close to numerous commercial and retail shops, as well as close to public transit points.
The developer, Karvin Developments Ltd., is an established, local, for-profit developer with over 30 years of construction experience. Construction broke ground January 2021 and substantial completion is expected February 2022.
Quotes:
"Every Canadian deserves a safe and affordable place to call home. That's why, through new investments like The Locale by Karvin Developments Ltd., our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Chilliwack need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"We are extremely thankful for the opportunity given to us through the Federal Government's RCFi program. It gives the Karvin Team great pleasure providing much needed affordable rental housing in such a great location within our own community. We would like to thank the Federal Government, Mayor Ken Popove, City Councillors and City Staff whose hard work and support help make this project a reality." – John Vander Hoek, Director, Karvin Developments Ltd.
"There is a need for more affordable housing throughout the Lower Mainland, and Chilliwack is no exception. One of the ways we work to create more affordable housing in Chilliwack is through a reduced development cost charge rate for small unit apartments. We are pleased that the federal government and CMHC recognize this need in our community and are glad to see developers utilizing programs like RCFi to make affordable housing projects in Chilliwack a reality." – Ken Popove, Mayor of Chilliwack
Quick facts:
- The Government of Canada acknowledges that this project is being developed on Stó:lō territory, which is comprised of twenty found First Nations. The territory is part of the Coast Salish region of Southwestern British Columbia.
- Rents at the The Locale will be at least 10% below market rates for the area. At least 6 units will maintain rents at or below 70% of 30% of the median household income in Chilliwack for a minimum of 21 years.
- The Locale is designed to achieve a minimum of 22.0 % decrease in energy intensity and 21.0 % decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings or the 2015 National Building Code.
- The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
- Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion. The program will run until 2027. Through the RCFi, the Government of Canada is encouraging the construction of more than 42,500 new rental housing units.
- The RCFi provides lower-cost repayable loans for 10-year terms offering cost predictability during the earliest stage of rental development. Loans approved through the RCFi include CMHC mortgage loan insurance, which can simplify loan renewal throughout the life of the mortgage.
- The goal of the RCFI is to increase the supply of new purpose-built rental housing options for middle class families across Canada, enabling them to live in the cities and communities that they work in and access for services.
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. 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.
SOURCE Canada Mortgage and Housing Corporation
Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Leonard Catling, Canada Mortgage and Housing Corporation, [email protected]
Related Links
www.cmhc-schl.gc.ca
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