VANCOUVER - Another affordable rental housing building will soon be available for people in Vancouver, with construction underway on a project that will offer 68 new homes in Kitsilano.
"Our government is investing in more affordable housing for people who work and live in Vancouver, and throughout B.C.," said David Eby, Attorney General and Minister Responsible for Housing. "I am grateful for people like Tony and his family who will partner with us to get housing built quickly to respond to this ongoing affordability crisis. We need dozens of projects like this in Vancouver."
"I support those at city council calling for quickly approving and expanding the Broadway plan, approving additional zoning for more affordable and rental housing throughout the city, and expediting housing construction applications stuck in the backlog," said Eby. "With a strong push, Vancouver could help us cycle our $2-billion provincial investment in construction financing for affordability into two or three times as many new homes and could respond to the city's booming demand as we add thousands of jobs to the city. People need strong action that results in shovels in the ground and places to live before this crisis gets worse, and Vancouver has the potential to help lead the way."
The project, located at 1807 Larch St., is a partnership between the Province through BC Housing, the City of Vancouver and Jameson Development Corp. Once completed, the five- storey development will be a mixed-use building with affordable rental homes for moderate- to middle-income households.
"We are honoured to be part of this amazing provincial program," said Tony Pappajohn of Jameson Development Corp. "As a family-owned, Vancouver-based company, we are committed to Vancouver as an affordable, desirable and inclusive city to live in. HousingHub financing means we can build these important homes sooner and make them even more affordable for our future residents."
The project includes studio, one-, two- and three-bedroom units, 20% of which will be tenanted under the City of Vancouver's Below-Market Rental Housing Policy. The remaining 80% will be tenanted under HousingHub's Provincial Rental Supply Program for middle-income households. The property will also feature indoor and outdoor amenity spaces on the fifth floor, a child play area, rooftop access for residents, bike storage and a dog wash.
"Thanks to Vancouver's innovative moderate-income housing program and BC Housing's financing, this project is delivering 68 much-needed homes for middle-income residents like hospitality workers, seniors and artists," said Kennedy Stewart, mayor, City of Vancouver. "Partnerships like this mean more of our neighbours can stay close to the people and places they love, building a Vancouver that works for all of us."
Through the HousingHub program, the Province is working to increase the supply of more affordable rental and owned housing for middle-income earners by making low-cost financing available to private and non-profit developers. Developers must pass construction cost savings on to qualified tenants and homeowners.
This project in Kitsilano is part of B.C.'s 10-year, $7-billion housing plan. Since 2017, the Province has funded more than 30,000 affordable new homes that have been completed or are underway for people in B.C.
Completion and occupancy for the project at 1807 Larch St. are anticipated in spring 2023.
- The Province, through BC Housing, is providing approximately $31.8 million in financing through the HousingHub in support of this project.
- 80% of units, totalling 54, will target at- or below-market level rents restricted to middle- income households within the provincial middle-income limits.
- 20% of units, totalling 14, will be tenanted at moderate-income rent levels and to households earning less than $80,000 per year.
- In April 2021, the Province provided an additional $2 billion in development financing through HousingHub to finance the construction of thousands of new homes for middle- income families.
For more information about HousingHub, visit: https://news.gov.bc.ca/releases/2021AG0025-000720
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC
Ministry of Attorney General and Responsible for Housing