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The Vancouver housing market's 25% inflation in some sectors over the past year compounded with its ever-growing population has resulted in high demand for affordable housing in the infamously costly city. This has prompted the Co-operative Housing Federation of B.C. and Vancouver Community Land Trust Foundation, along with various co-op and non-profit organizations, to partner with the City of Vancouver to build 358 new affordable homes across four property sites around Vancouver.
Construction has already begun on all four sites, with 48 homes targeting completion by March of 2017 and the rest of the properties to be completed by early 2018. The project sites are located at 1700 Kingsway, 2780 SE Marine Drive, 2800 SE Marine Drive, and 2910 E Kent Avenue South.
The residential demographic of these properties will consist of low-income singles, seniors, and low-moderate income families. Unusual for Vancouver, over a quarter of the homes will have three bedrooms in order to cater to larger low-income families. While the rental rates for the properties have not yet been finalized, they are projected to sit at just 76% of the current market rental rates, with some of the rental rates projected to be as low as provincial shelter allowance rates.
In order to keep the units affordable, the Land Trust will lease out commercial space at 1700 Kingsway, with proceeds going towards the resources needed for construction. To provide additional funding, the Government of BC has entrusted a grant of $500, 000 CAD to the project, as well as $90 million in construction financing at low rates. The Land Trust also received private capital from New Market Funds, an investment firm that seeks to make a social impact by way of multi-family affordable rental housing.
The Executive Director of CHF BC, Thom Armstrong, said this project is unique for its collaborative effort by various partners to provide low-income families and individuals with long-term affordable housing.
You can learn more about these projects in their affiliated Database entries, linked below, or join the conversation in our Forum and the comments at the bottom of this page.
