The project's housing units will remain affordable for at least 60 years
The federal government has pledged $39.8 million in funding for the construction of a new five-storey residential building in Southeast Vancouver, a project that is expected to add more than 100 low-cost housing units to the market.
The funding, which will be coursed through the Rental Construction Financing initiative of the Canada Mortgage and Housing Corporation, will support the “Alder” project by Catalyst Community Developments Society.
The affordable housing complex is located on land leased from the City of Vancouver, and is covered by an agreement that will ensure affordability for at least 60 years.
“Greater Vancouver, and every growing region in Canada, is badly in need of more housing affordable to local area incomes. We believe community housing is the answer,” said Luke Harrison, president of Catalyst Community Developments Society. “Rental housing developed, owned, and operated by non-profit organizations in partnership with CMHC and cities like Vancouver is the innovation we need to scale and invest in.”
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Rental housing slated to be available at Alder will range from studios to one-, two-, and three-bedroom units.
“Of these, 36 units will have rents subject to meeting BC Housing’s Housing Income Limits (HILs) and a further 23 units will be earmarked affordable with rents at or below 24% of Vancouver’s median household income,” CMHC said.
“Thanks to innovative financing from the government of Canada and $7.8 million in land from the city of Vancouver, our partnership with Catalyst Community Developments Society will create 119 homes with deeply affordable rents that help more of our neighbours stay close to the people and places they love,” added Mayor Kennedy Stewart.
