VANCOUVER — The Government of Canada has announced an $88-million low-cost loan to help construct 173 new housing units at Lelem Village on the University Endowment Lands in Vancouver.
Lelem Village will be developed by Musqueam Capital Corporation on behalf of the Musqueam Indian Band and consists of a four-storey, a five-storey and a 12-storey building within walking distance of the University of British Columbia, the University Golf Course and Acadia Park.
“Our goal at Musqueam Capital Corp is to provide a quality living experience at affordable rents. Today’s announcement of $88 million in funding for Lelem Village will have a significant impact for the community. We know we have work to do when it comes to supplying rental housing in our city, and we would like to thank the federal government for their ongoing support and commitment,” Musqueam Capital Corp CEO Stephen Lee said in a statement.
Sixty-two units will have affordable rents in accordance with the terms of the federal government’s housing agreement with British Columbia. Ten per cent of the units will meet municipal accessibility requirements. The project is designed to achieve a minimum of 19.8 per cent decrease in energy intensity and 64.1 per cent decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
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