VANCOUVER (NEWS 1130) – There will soon be more than a hundred new rental units dedicated to Vancouver’s middle-class families funded by the federal government.
Canada’s minister responsible for the Canada Mortgage and Housing Corporation announced the construction and funding of 115 affordable rental homes Monday morning.
According to the minister, the majority of the units will have rents at or lower than 30 per cent of median household incomes in the area.
“It’s the first time that the federal government is showing leadership and partnership in about 20 years when it comes to providing affordable homes for middle-class families,” said Minister of Families, Children and Social Development Jean-Yves Duclos. “Because of the importance that the city of Vancouver, the province of B.C. are putting on affordable housing, it adds one more partner.”
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The government says the affordability rate will be maintained for 60 years under an agreement with the city.
“This project will provide affordable housing options close to public transit, schools and services for modest and middle-income households,” read a release from the government. “As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.”
The government is hopeful this will help Vancouver’s 0.9 per cent vacancy rate.
Duclos said a total of 14,000 rental units will be built across Canada in the next three years.
“Through CMHC’s Rental Construction Financing initiative (RCFi), the federal government is investing over $40.2 million for the construction of Conrad by Cressey Development,” read the release.