Governments promised that the housing units will remain affordable for at least 60 years
The Canadian and BC governments have announced the construction of a 145-unit mixed-use structure just outside of downtown Vancouver.
Ottawa has committed $48.5 million to the project, which is is slated to offer 120 units in fulfilling the needs of households earning lower than 30% of Vancouver’s median household income.
It is located at 188 East 6th Avenue, in close proximity to crucial facilities like restaurants, shopping centres, schools, parks, bike paths, and public transportation hubs.
The governments assured that affordability at the 9-storey building will be held for at least 60 years.
“With the help of the National Housing Strategy's Rental Construction Financing initiative, large projects like this are breaking ground across the country. Together with our partners, we’re building rental market capacity that will benefit a generation of hard-working middle-class Vancouverites,” according to the Honourable Joyce Murray, President of the Treasury Board and Minister of Digital Government.
“This new building will ensure that Vancouver’s residents—especially families—can stay living and working here in the city,” mayor Kennedy Stewart added. “Affordable housing is our number one priority and we know that working together with non-profit developers and with different levels of government is the best way to deliver homes for lower- and middle-income households.”
