Feds announce $500M in loans to build Vancouver homes
The funds will go towards building 1,100 purpose-built rental units.
A rendering shows a housing project under construction at UBC. – CMHC
The federal government announced that $500 million in low-interest, repayable loans will help deliver more than 1,100 purpose-built rental homes in Vancouver. These loans were made possible by the Rental Construction Financing Initiative (RCFi).
“We must increase the supply of housing,” said Sean Fraser, minister of housing. “Doing so requires an all-hands-on-deck commitment from all levels of government. The federal government will continue to make strategic investments through programs like the RCFi and the Housing Accelerator Fund, while also working with our provincial and municipal partners so that all Canadians have a safe place that they are proud to call home.”
The loans were announced by Fraser at 5728 Gray Avenue, a project that will be providing residential housing to faculty, staff, and other campus community members of the University of British Columbia (UBC). There will be 150 residential homes within this six-storey building, offering a mix of studio, 1,2,3, and 4-bedroom units.
The project will also have easy access to public transit, car and bike share systems within the neighbourhood. In addition, a minimum of 10% of the project’s units will be prioritized for occupancy by the elderly, youths, students, individuals in need of assistance, or individuals whose eligibility is dependent on them being members of UBC’s faculty or staff.