The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative
The federal government has announced nearly $180 million in funding to support the construction of 590 new homes across four projects in Abbotsford, Langley, and Surrey, British Columbia.
The funding, which will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi), will be allocated to these projects, as follows:
- $35.5 million RCFi for Park Suites, 3030 and 3040 Gladwin Road
- $18.1 million for The Hub, 3070 Gladwin Road
- $64 million RCFi for 213 units at Pennyfarthing Apartments, 2023 456 Avenue, Langley; $9.15 million from Pennyfarthing Homes
- $62.3 million RCFi for 156 units at the Grove, 16622 24 Street, Surrey
"We need to boost housing supply; this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country,” said federal Housing Minister Sean Fraser. “All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
The Canadian federal government has introduced Bill C-56, the Affordable Housing and Groceries Act, as part of its efforts to boost housing supply and stabilize grocery prices.— Canadian Mortgage Professional Magazine (@CMPmagazine) September 25, 2023
Read more: https://t.co/azsYLNM7rS#mortgageindustry #affordability #housingmarket #realestate
Such investments are even more important now, as the pace of construction of rental homes across Canada “has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades,” the federal government said.
“Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.”