VANCOUVER—Construction has begun on a new 337-unit development in Vancouver’s East Fraser Lands River District.
“This project will be life-changing for hundreds of people in the community, giving them the peace of mind that comes with having a secure, affordable place to call home,” said George Chow, MLA for Vancouver-Fraserview, in a statement. “We know there’s more work to do, and it’s why we are addressing the need for more affordable homes in Vancouver, and throughout the province.”
Once built, the project will supply the community with 220 rental homes and 117 co-operative homes. The development will have one six-storey building and a 26-storey tower. The units include studio, one-, two- and three-bedroom homes for moderate- and low-income individuals, families and seniors. Nearly 70 of the units will offer three bedrooms.
The development is a partnership between BC Housing, the City of Vancouver and the Community Land Trust Foundation of BC (CLT). The new homes will be operated by CLT, in partnership with its housing co-operative and the M’akola Housing Society. These new homes are expected to be completed in fall 2024.
“Community Land Trust’s newest housing development in the River District will add to our commitment to provide safe and secure places for people to call home,” said Tiffany Duzita, executive director, Community Land Trust Group of Societies. “We are excited to welcome another 117 co-operative housing homes to the neighbourhood and to partner with M’akola Housing Society to operate 220 affordable rental homes.”
Half of the units will have rents geared to income, where rent will be 30 per cent of the household’s income. Some of the units will be rented to people with very low incomes, such as those receiving income or disability assistance. Others will be at or below market rent.
The province is contributing $36.8 million to the project and will supply an annual operating funding of approximately $1.8 million. The city providing the land under a nominal lease to CLT, and approximately $10 million in development cost charge waivers.
Recent Comments