400 new rental homes to be built in Vancouver
Posted August 15, 2016 1:56 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Four hundred new affordable rental spaces are going up in Vancouver in an effort to ease one of the tightest rental markets in the country.
Vancouver’s Affordable Housing Agency intends to build 400 new affordable rental spaces across four city-owned sites on West Pender Street, Fraser Street, Main Street and Southwest Marine Drive.
“The target populations for these homes range from SRO (single room occupancy) replacements and for people on income assistance, to low income seniors, families, and workers,” says Mukhtar Latif, Vancouver’s Chief Housing Officer.
These sites, valued at $50 million, are the first of 20 to be offered up for affordable housing projects. The goal is to build 2,500 new homes in the next five years.
“We’re in the process of procuring housing operators who will work with us, and with efficient operating costs, will be able to generate higher returns so that we can increase the amount of mortgage that we can raise to fund the construction costs,” Latif explains.
We should learn who the funding partners are, and when the four sites will be finished, in the next few months.
