Canada’s Housing Minister Ahmed Hussen and Vancouver Mayor Kennedy Stewart have unveiled two new affordable rental housing projects in Vancouver.
In a news release, the federal government revealed that the project received federal funding of $48.5 million and the city provided land for the 60-year lease of the site, estimated at $16.85 million.
Mayor Stewart announced: “These 264 new affordable rentals are the latest in thousands of homes approved and underway that are helping build a Vancouver that works for all of us.”
According to reports, 70% of the units will be rented at below-market rates.
Aspen , developed by Catalyst Developments, offers a mix of studio, one-, two- and three-bedroom units, and is pet-friendly. It also has a community garden and features a health centre on the ground floor.
The city and federal government also opened another building called Alder, at 3625 Sawmill Cr., also by Catalyst Developments.
The five-storey residential building has 119 new units rental housing and received federal funding of $39.8 million.
Vancity Credit Union and the Vancity Community Foundation provided $1 million in pre-development and $50,000 in pre-construction financing for the project, in partnership with CMHC through the Vancity Affordable Housing Accelerator Fund.