NEW, affordable rental homes for single people, seniors and families in Vancouver are under construction, thanks to a partnership between the Government of British Columbia and the City of Vancouver.
“By investing in more affordable projects that include multi-bedroom units for families, our government is ensuring people can live and thrive in their communities, close to loved ones and place of work,” said George Chow, MLA for Vancouver-Fraserview. “These homes are helping support vibrant and diverse communities by providing housing for a range of people at rents they can afford, especially people like seniors on fixed incomes.”
Located at 3185 Riverwalk Avenue, the project will provide 109 affordable rental homes for single people, families and seniors. The building will have seven studio units, 30 one-bedroom units, 48 two-bedroom units and 24 three-bedroom units, as well as large shared amenities space for the tenants.
“Creating more than 100 homes, this new building at East Fraser Lands will ensure families and seniors can remain living and working in Vancouver,” said Vancouver Mayor Kennedy Stewart. “Affordable housing is our number 1 priority, and we look forward to continuing to partner with the Province to develop more much-needed housing in communities across the city.”
The project will be operated by S.U.C.C.E.S.S., an organization recognized as one of British Columbia’s largest social service providers.
“S.U.C.C.E.S.S. is delighted to partner with the Government of British Columbia and the City of Vancouver as the developer and operator of this project,” said Queenie Choo, CEO of S.U.C.C.E.S.S. “As an organization that has operated and managed affordable housing units in Metro Vancouver since 2008, we know that these 109 housing units will bring tremendous positive impact to families and seniors in the community. We applaud the Government of British Columbia and the City of Vancouver for their vision and investment in this initiative.”
Construction of the affordable rentals is expected to be completed by early 2021.
* The Government of British Columbia will provide $9 million in capital funding and construction financing.
* The City of Vancouver provided the land valued at $21 million and will enter into a 60-year lease with S.U.C.C.E.S.S. at a nominal rate.
* To address the issue of housing affordability for British Columbians, the Province is curbing speculation in B.C.’s housing market and building 114,000 affordable market rental, non-profit, supported social housing and owner-purchase housing through partnerships.
* Budget 2018 launched the most significant investment in housing affordability in B.C. history – more than $7 billion over 10 years.