VANCOUVER, BC, Aug. 4, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Vancouver will now have access to more stable rental housing options.
Today, the Honourable Joyce Murray, Minister of Digital Government and Member of Parliament for Vancouver Quadra, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced a$88 million low-cost loan to help construct 173 new housing units at Lelem Village located at 5380 University Boulevard, 2320 Acadia Road and 525 Shortcut Road, University Endowment Lands.
Lelem Village, developed by Musqueam Capital Corporation, on behalf of the Musqueam Indian Band, consists 3 buildings: a 4-storey, a 5-storey and a 12-storey and together will provide Vancouver with much needed rental housing within walking distance of the University of British Columbia, the University Golf Course and Acadia Park.
Sixty-two units will have affordable rents in accordance with the terms of the Housing Agreement with the Province. Ten percent of the units will meet municipal accessibility requirements. The project is designed to achieve a minimum of 19.8% decrease in energy intensity and 64.1% decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
The project received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
"Every Canadian deserves a safe and affordable place to call home. That's why, through this investment in Lelem Village and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Vancouver need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government's Rental Construction Financing initiative (RCFi) is helping Ottawa to increase its supply of new rental developments. When it is complete, Lelem Village will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in Vancouver." – The Honourable Joyce Murray, Minister of Digital Government and Member of Parliament for Vancouver Quadra
"Our goal at Musqueam Capital Corp is to provide a quality living experience at affordable rents. Today's announcement of $88 million in funding for Lelem Village will have a significant impact for the community. We know we have work to do when it comes to supplying rental housing in our City, and we would like to thank the federal government for their ongoing support and commitment." – Stephen Lee, CEO, Musqueam Capital Corp
- At underwriting, the vacancy rate in the Vancouver sub market of University Endowment Lands was at 0.4% (October 2019).
- Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
- A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
- Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
- Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
- Budget 2021 proposes that $300 million over two years (2021-22 and 2022-23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
- Canada's National Housing Strategy (NHS) is a 10-year, $72+?billion plan that will give more Canadians a place to call home.
- To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
- As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation