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More Affordable Housing Coming to Vancouver, B.C.
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(Posted on Nov 24, 2018 at 02:16AM by Michelle Bogle)
The B.C. government is funding 4,900 new affordable rental units to be built in the next three years as part of its plans to address the housing crisis across the province. The units will include both non-profit and co-operative housing and are designed to address affordability needs across a range of income levels in 42 communities.
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The buildings will contain a mix of units for middle-income individuals and families, heavily subsidized rentals for seniors and others on fixed incomes, as well as homes for low-wage workers. This is the first set of housing projects selected through the B.C. government’s $1.9-billion Building BC: Community Housing Fund. The fund is part of the government’s commitment to build more than 14,000 affordable rental homes over 10 years.
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Currently, 10 projects are slated for Vancouver with a total of 1,101 homes:
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• $18.1 million to Brightside Homes – 181 homes for individuals, families and seniorsÂ
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• $4 million to Lookout Housing and Health Society – 40 homes for individuals (2 projects)Â
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• $9.9 million to M. Kopernik Foundation – 99 homes for seniorsÂ
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• $10.2 million to New Chelsea Society – 102 homes for individuals, families and seniorsÂ
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• $4.6 million to Salvation Army Harbour Light – 46 homes for individualsÂ
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• $3 million to the Kettle Society – 30 homes for seniors with mental health challengesÂ
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• $7.7 million to Vancouver Affordable Housing Agency – 77 homes for individuals, families and seniorsÂ
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• $16.9 million to Vancouver Community Land Trust – 169 homes for people with HIV and AIDS and families and seniorsÂ
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• $35.7 million to Vancouver Community Land Trust – 357 homes for individuals, families and seniorsÂ
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To view the full list of approved affordable housing projects across B.C., please click here. For more information on how this may impact Vancouver multi-family investment opportunities, please contact our office to speak with a commercial real estate advisor.
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