The city will see the addition of much-needed affordable housing supply over the next few years
Representatives of the municipal, provincial, and federal governments, together with the Canada Mortgage and Housing Corporation, have announced a $31.8 million investment in the immediate construction of 65 affordable residential units in Vancouver.
The new homes, which will be developed under the expanded Rapid Housing Initiative, will support Vancouverites who are in uncertain housing situations, and those who are experiencing, or at risk of, homelessness. The homes will also provide opportunities for those living in temporary shelters because of the pandemic.
Read more: How residential construction has fared through the pandemic
“We have seen how COVID-19 has worsened existing housing and homelessness challenges and without urgent action by the Government of Canada, the pandemic could lead to a dramatic increase in homelessness,” said Hedy Fry, Member of Parliament for Vancouver Centre. “This new funding is part of our commitment to addressing severe housing needs across the country. It will provide immediate support to create safe and stable housing to thousands of vulnerable individuals and families.”
The announced funding will be on top of the federal government’s previous commitment of $51.5 million to support the development of approximately 135 housing units in the city. Additionally, the federal government will be investing $53.1 million in the creation of 188 new homes in three separate projects across Vancouver.
