Residents to move in starting June
A new affordable rental housing complex has officially opened its doors in Burnaby, marking a major milestone for the city's pioneering efforts to protect and expand rental stock.
The 66-unit Telford on the Walk officially opens next month, according to a news release from Canada Mortgage and Housing Corporation (CMHC).
The new building is the first completed under Burnaby's Rental Use Zoning policy, which requires developers to replace any rental units torn down due to redevelopment. Displaced tenants are offered units in the new building with the same number of bedrooms and at their previous rent.
The six-story building at 6521 Telford Avenue features a mix of 59 below-market and seven market-rate apartments ranging from one to three bedrooms.
It replaces an older three-story building, and over 70% of the previous tenants have chosen to return to the new development. Move-ins are expected to start in June.
"We made a promise to Burnaby tenants five years ago to ensure they were not displaced or priced out of their neighbourhoods as a result of redevelopment,” Burnaby City mayor Mike Hurley said. “I'm thrilled to see the first wave of tenants return to beautiful homes in a fantastic new building in Burnaby and I'm thankful for the partners who have helped make this program such a success."
Read more: Vancouver's revamped housing policies pave way for more multi-unit developments
"Our partnership with both federal and local governments has culminated in Telford on the Walk—an achievement as the first development completed under the City of Burnaby's new housing policy,” said Evan Allegretto, president of Intracorp Homes BC, which injected $5.4 million into the project. “This project exemplifies the power of collaboration between the public and private sectors."
"Catalyst is grateful to have partners like Intracorp, CMHC, and the City of Burnaby to help in our work to create housing that is affordable to the people who make our communities work,” added Luke Harrison, president of Catalyst Community Developments. “Though the individual contributions are significant, it is in collaboration that we can develop solutions that meet and exceed the community's needs."
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