Federal government finances $574M for rental home construction in Vancouver

The national authorities is providing much than $574 cardinal successful financing to assistance physique astir 950 rental homes successful Vancouver.

The authorities says successful a quality merchandise that a task connected 42nd Avenue is 1 of 4 locations receiving funds done the Apartment Loan Construction Program, which offers repayable low-interest loans to promote much rentals builds for middle-class Canadians.

It says the site, which is being built by Marcon Developments Ltd., has received $110 cardinal done the money to physique 211 apartments successful a premix of sizes, including two-bedroom units.

The authorities says the determination is wrong the Oakridge municipality centre and is wrong walking region to a Canada Line station.

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Three different sites successful Vancouver are besides receiving loans from the program, which includes $185.4 cardinal for 1099 Harwood Street, $184 cardinal for 1066 Harwood Street and $94 cardinal for 1317 Richards Street.

Harjit Sajjan, curate liable for Pacific Economic Development Canada, says the request to physique much lodging is becoming progressively important arsenic the city’s colonisation grows, and these projects are an “essential portion of the solution.”

“When it is complete, these 4 projects volition connection much-needed lodging for families and individuals that are adjacent to jobs, services and amenities successful the community,” helium says successful the release.