Seven-storey development will provide valuable housing supply for Vancouver's most in-need sectors
Federal and provincial governments have announced that construction has begun on a new 114-unit housing project in Vancouver.
The seven-storey housing complex is located at 508 Powell Street, and will focus on the needs of seniors, Indigenous Peoples, women fleeing domestic violence, newcomers, refugees, working singles, couples, and families seeking affordable housing in Vancouver.
The project is a collaborative venture between the governments, the city of Vancouver, and the Lookout Housing and Health Society. The federal administration (through the National Housing Co-Investment Fund) is providing $35.9 million for the project, while the government of British Columbia (through BC Housing) is investing approximately $10.3 million on top of $200,000 in annual operating funding.
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“Through our collaboration with partners and providers, we are working to make sure all people in Vancouver and across British Columbia have access to stable housing. These types of investments are necessary for healthy and sustainable communities,” said Wilson Miao, Member of Parliament for Richmond Centre.
“This project demonstrates what can happen when every level of government works together to address the urgent need for affordable housing in B.C. When complete, more than 100 people in the Downtown Eastside will have the security and peace of mind that comes with having an affordable place to live,” added David Eby, Attorney General and Minister Responsible for Housing.
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