VANCOUVER — The Province of British Columbia is indirectly funding construction of 48 new rental homes in East Vancouver intended for families and individuals with middle incomes.
Located at 3455 East Hastings St., The Narrows will be a six-storey wood-frame building with a mix of studio, one-, two- and three-bedroom units with commercial space on the main floor. The homes are designed to be affordable for households with incomes between $65,473 and $147,271.
The homes are being built in partnership with Steiner Properties through BC Housing’s HousingHub program, which was created in 2018 with community, government, non-profit and private-sector partners to create affordable rental housing and home ownership options for low- and middle-income British Columbians.
“These new units will be a significant addition to the East Hastings neighbourhood, helping improve the lives and well-being of families and people with middle incomes, while building more rental stock in the community. Our government will continue to use the resources at our disposal, like the HousingHub program, to address B.C.’s housing crisis,” Vancouver-Hastings MLA Niki Sharma said in a statement.
The Province of B.C. does not directly fund HousingHub projects but makes low-cost financing available for developers to build new housing. In this case the province is providing approximately $19.9 million in low-interest financing for this project, which will be repaid with interest by Steiner Properties.
“Steiner Properties is committed to forward-thinking partnerships that create lasting impact. The Narrows will contribute rental homes and commercial space for the people of Vancouver and our team, with support from BC Housing, looks forward to continued investments that help communities flourish,” added Steiner Properties operations manager Jacob Steiner.
Construction on the project is expected to be complete in early 2023.