VANCOUVER – The Government of Canada announced it is providing $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build 215 rental homes for residents of Vancouver.
The announcement took place at a project called W42, located at 5780 Alberta St. in Vancouver, and follows federal Housing, Infrastructure and Communities Minister Sean Fraser’s Aug. 16 announcement of nearly $500 million for over 1,110 units in the city, including this project.
“Because of funding through the RCFi, 215 new purpose-built rental homes will be built in Vancouver. This is one of the many initiatives the government has implemented to increase housing supply across the entire housing spectrum, so that all Canadians have a safe place they are proud to call home,” Fraser said in a statement.
W42 will be developed into a 19-storey apartment building with 215 purpose-built rental units in Vancouver’s Cambie Corridor, and will offer a mix of studio, one-, two- and three-bedroom units for residents located within walking distance to the 41 Avenue Canada Line Skytrain station, as well as parks, schools and grocery stores, a Canada Mortgage and Housing Corporation (CMHC) release said.
The loan from the federal government is through the CMHC and Marcon contributed $6.6 million in cash equity. Construction is expected to be completed in June 2025.
The RCFi provides fully repayable low-interest loans to encourage construction of more purpose-built rental housing for middle income Canadians. Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units, the release said.
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