Feds to fund more than 950 new rentals in Vancouver with $575M cash injection
Posted November 14, 2024 10:38 am.
Last Updated November 14, 2024 10:40 am.
The federal government announced Thursday that it is investing more than $574 million in housing developments, looking to create more than 950 new rental homes in Vancouver.
Minister of Emergency Preparedness and MP for Vancouver South Harjit Sajjan made the announcement in Oakridge, near the site of a new development on West 42nd Avenue that will contain 211 new apartments.
“As Vancouver’s population continues to grow, the need for housing becomes increasingly crucial,” Sajjan said.
CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE!Three other developments will be boosted with the funding, the feds announced. These include two separate developments creating more than 550 units on Harwood Street in the West End, and a further 193 units on Richards Street downtown.
The funding comes from the nation’s $55 billion Apartment Loan Construction Program, which the feds say will create more than 131,000 new rentals across Canada by 2032.
“Purpose-built rental homes are an essential part of the solution and through ACLP our government is helping cities like Vancouver increase its supply of new rental developments. When it is complete, these four projects will offer much-needed housing for families and individuals that are close to jobs, services and amenities in the community,” Sajjan continued.
“Everyone deserves a place to call their own, and the Apartment Construction Loan is one way we’re helping make that a reality for middle-class Canadians,” Housing Minister Sean Fraser shared. “We will keep investing in housing projects like the ones announced today in Vancouver, and working with partners across the country, to end the housing crisis.”
The government says that as of September 2024, $20.65 billion dollars in loans through the ACLP has been invested to create more than 53,000 rental homes.
