VANCOUVER – The federal government announced July 24 it is funding more than $197.2 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair 4,910 affordable homes in Vancouver.
The announcement took place at the Ashley Mar Housing Co-operative at 8460 Ash St. in Vancouver, which received $22.8 million through a contribution and low-interest loan, a Canada Mortgage and Housing Corporation (CHMC) release said.
Fifty-four townhomes are being replaced with a new building comprised of 125 homes ranging in size from one-to-five-bedrooms, directly adjacent to the Marine Drive Canada Line station.
The federal funding is intended to create a total of 562 new homes and repair 4,348 homes through the AHF, which provides funding through low-interest and/or forgivable loans or contributions to help build new affordable housing and renovate and repair existing, affordable and community housing.
CMHC is also implementing the Frequent Builder framework, which expedites applications for the AHF and the Apartment Construction Loan Program. Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units, the release said, with different criteria applying to non-profit and for-profit organizations to qualify for Frequent Builder status.
Top projects other than the Ashley Mar Housing Co-operative include a City of North Vancouver project with 89 units with $33.4 million in funding, the Brightside 8705 French Street redevelopment project in Vancouver which funds 100 units at $37.3 million and the Heather Place B – Metro Van project, at $31.9 million with 87 units.
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