Government of Canada Provides 119 Units of Rental Housing in Vancouver
The Canadian government announced a $39.8 million low-cost loan to help construct “Alder”, a new residential building located at 3625 Sawmill Cres., in Southeast Vancouver.
The “Alder” by Catalyst Community Developments Society is a 5-storey residential building that will provide Vancouver with 119 new units of rental housing, ranging from studios, one, two, and three-bedroom units.
Of these, 36 units will have rents subject to meeting BC Housing’s Housing Income Limits (HILs) and further 23 units will be earmarked affordable with rents at or below 24 per cent of Vancouver’s median household income.
The project is located on land leased from the City of Vancouver and is subject to a Housing Agreement which will hold the affordability for at least 60 years.
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 new investments like this one by Catalyst Community Developments Society, 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,” says The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC).