Ottawa approves $150M in loans for Vancouver housing
It is one tool officials are using to address the affordable housing crisis.
Evolve is a housing project at the University of British Columbia. – UBC
Key Takeaways:
- The $150 million will be dispersed as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
- The loans will be used to build more than 364 purpose-built rental homes across three developments in Vancouver.
- The 19 on the Greenway project has benefited from the loan program will be developed into two separate rental buildings and will offer 118 units for Vancouver residents.
The Whole Story:
The Government of Canada will provide $150 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build more than 364 purpose-built rental homes across three developments in Vancouver.
“We are working with all levels of government, non-profit organizations and with the private sector to increase housing supply,” said Sean Fraser, minister of housing. “Through strategic investments, like the one announced today which will help build 364 purpose-built units in Vancouver, we are helping to increase housing supply across Canada so that all Canadians have a safe place that they are proud to call home.”
The announcement took place at Evolve, located near the University of British Columbia (UBC) at 3518 Wesbrook Mall.
The Evolve project offers 110 rental units for faculty and staff at the university. Evolve received Passive House Certification, an internationally recognized building certification that provides third-party verification and a stamp of quality assurance that a building meets the high performance and comfort levels of the Passive House standard.
The project received a $44.2 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC) and $3.5 million from Natural Resources Canada. UBC contributed $15.1 million in land equity. Construction was completed in August 2022 and the project is fully leased.
Mundell House, also located near UBC at 6038 Birney Avenue, offers 136 rental units for faculty and staff at the university. The project received a $46.4 million RCFi low-interest loan from the federal government through CMHC. UBC contributed $23.6 million in land equity. Amenities for residents include a bicycle room, a communal courtyard and rooftop amenity space. Construction was completed in August 2020 and the project is fully leased.
Located at 3619 and 3681 Arbutus Street, 19 on the Greenway will be developed into two separate rental buildings and will offer 118 units for Vancouver residents. The project received a $59 million RCFi low-interest loan from the federal government through CMHC and PCI Developments contributed $30.7 million in cash equity.
The project is located across the street from the Arbutus Greenway which is well serviced by public transit through frequent bus service, as well as the future Broadway Transit line. Construction is expected to complete in March 2025.
