Federal housing minister Sean Fraser was reluctant to share locations of all nine sites backed by the low-cost loans.
Canada’s minister responsible for housing announced Wednesday that the federal government will provide nearly $500 million in low-cost loans to developers to build up to 1,100 rental units across nine sites in Vancouver.
The project at UBC is in the 5700-block of Gray Avenue, where crews were busy Wednesday morning working on the 150-unit building. A mix of studio, one-, two-, three- and four-bedroom homes will be available for faculty, staff and other campus workers. “But every single project that we're financing is going to have units that are available at a lower price point than that — some of them as low as 70 per cent of that typical market rent that would exist for a median household income.”
“This is a fantastic announcement from the feds,” he said. “We're hearing of many projects that are having trouble finding financing, which is really concerning in the housing crisis that we’re in.” He said the federal government is committed to taking a leadership role to build more housing for people, including the country’s most vulnerable and those people who have good jobs but are having a hard time finding affordable accommodation.
“These are the kinds of challenges that people are living with, and these are the kinds of challenges that we want to help overcome.” Fraser told reporters Wednesday that when he and the Trudeau Liberals took power in 2015, the task of addressing the housing crisis in Canada was made difficult by previous governments. He included the Liberals in that statement.
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