| Thousands of affordable rental homes coming for people in Metro Vancouver | Thousands of affordable rental homes coming for people in Metro Vancouver | | <div class="ExternalClass3B9550C467AB4A31B882B56113F95EA6"><p>People will soon have access to hundreds more affordable homes in communities they love through a partnership between the Province and Metro Vancouver.<br></p><p>“Safe, secure and affordable housing lifts up families, communities and our entire province," said Premier David Eby. “That's why our government is taking action with a clear plan that puts people who live and work in our communities ahead of speculators who just want to make a quick buck at the expense of hard-working people. By partnering with Metro Vancouver, we are helping thousands of people find homes they can actually afford, so they can build good lives in our growing communities."</p><p>This is the second phase of a commitment between the Province, through BC Housing, and Metro Vancouver, through Metro Vancouver Housing, that will deliver approximately 670 below-market rental units.<br></p><p>“Through our Homes for People action plan, we are delivering thousands of new homes for people in Metro Vancouver," said Ravi Kahlon, Minister of Housing. “We know people are struggling to find homes that meet their diverse needs, especially in a region that's seeing increased pressure in the housing market. The partnership with Metro Vancouver will deliver more housing options that are within reach for people, in communities they call home."</p><p>Phase 2 projects are being planned at the following sites:</p><ul><li>1144 Inlet St., Coquitlam (Malaspina Village Phase 2)</li><li>Old Dollarton Road and Riverside Drive, North Vancouver (Riverside Drive)</li><li>2933 Heather St., Vancouver (Heather Place Building C)</li><li>100 Nelson St., Coquitlam (Park Court)</li></ul><p>Phase 2 budgets, number of units and rents per project will be determined closer to project completion.</p><p>“Metro Vancouver recognizes that safe, affordable places to call home are critical if we are to help address the affordability issues facing our region," said George V. Harvie, chair of the Metro Vancouver board of directors. “We're working together with key partners, including BC Housing, to provide as much new affordable rental housing as we can. I'm extremely pleased that we are on track with our new housing and redevelopment targets at this critical time."</p><p>This action on housing comes as a result of a memorandum of understanding (MOU) signed in spring 2023. The goal is to create approximately 2,000 affordable rental homes over 10 years at priority sites identified by Metro Vancouver.</p><p>The Province also committed to provide Metro Vancouver with funding for a third phase to deliver even more affordable rental units starting in 2028. Phase 3 sites will be announced once full details have been confirmed.</p><p>“Affordable housing is a basis for life-changing opportunities," said Monikka Tayag, a resident of Heather Place Building A. “I believe this project reflects Metro Vancouver's dedication to us residents and will serve as an example of how communities thrive by supporting each other."</p><p>Metro Vancouver Housing is one of the largest non-profit housing providers in B.C., with more than 3,400 affordable rental homes on 49 sites, serving close to 10,000 people. A trusted housing provider since 1974, Metro Vancouver Housing is an experienced developer and operator. Metro Vancouver Housing builds homes to last and delivers, maintains, and operates high-quality housing.</p><p>These projects are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 78,000 homes that have been delivered or are underway throughout B.C., including nearly 40,000 homes in Metro Vancouver.</p><p><strong>Learn More:</strong></p><p>To learn more about government's Homes for People action plan, visit: <a href="https://news.gov.bc.ca/releases/2023HOUS0019-000436">https://news.gov.bc.ca/releases/2023HOUS0019-000436</a></p><p>To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: <a href="https://strongerbc.gov.bc.ca/housing/">https://strongerbc.gov.bc.ca/housing/</a> </p><p><strong>Facts about the MOU between the Province and Metro Vancouver</strong></p><ul><li>Phase 1 includes a provincial investment of $158 million over three years.</li><li>The funding is for projects at five sites, some of which are underway and some of which are in the development stage.</li><ul><li>This includes Heather Place Building B, currently under construction, located at 788 W 13th Ave. in Vancouver.</li><li>It will feature 87 homes with affordable market rent, rent geared to income and deeply subsidized accommodation.</li><li>It is expected to be completed in fall 2025.</li><li>More information on the other projects will be shared closer to project construction.</li></ul><li>Phase 2 includes a provincial investment of $226 million over two years (2026-28) to build approximately 670 units.</li><li>Metro Vancouver is contributing land and cash equity valued at more than $367 million over 10 years for the second phase and is working to leverage federal funding support. </li></ul><p>Quotes:<br></p><p><strong>George Heyman, MLA for Vancouver-Fairview –</strong></p><p>“There are now nearly 40,000 homes available for families, individuals, seniors and students in Metro Vancouver as a result of our direct investments and policy changes. This partnership adds another 2,000, which is a welcome addition to our growing Fairview community. However, the need is great, so we will continue to work in partnership and ensure that we deliver the homes people need to thrive in the community they call home."</p><p><strong>Susie Chant, MLA for North Vancouver-Seymour –</strong></p><p>“Many people in North Vancouver are struggling to find homes to live in that are within their reach. That is why it's great to see that affordable housing in North Vancouver is being planned in the second phase of this partnership between the Province and Metro Vancouver. This means that more people, including familieswith children, seniors and individuals, will be able to access these new homes in the years to come."</p><p><strong>Fin Donnelly, MLA for Coquitlam-Burke Mountain –</strong></p><p>“Phase two is a welcome project bringing safe, affordable housing to our community. I'm happy to see this partnership between the Province and Metro Vancouver, which will make a significant and real difference to the people in Coquitlam."</p><p><strong>Dan Ruimy, chair, Metro Vancouver Housing Committee –</strong></p><p>“The progress Metro Vancouver Housing has made already on developing more than 600 new rental homes is a testament to the way that effective collaboration between all orders of government and other partners can result in building more housing faster. We are excited to build on our momentum and deliver on larger projects that will have an even greater regional impact."</p><p><strong>Ken Sim, mayor of Vancouver –</strong></p><p>“We are grateful for this critical investment to build more affordable housing options in Vancouver, and across the region. Communities need people and people need homes. We look forward to continued collaboration with other levels of government and partners to help Vancouver become a place where everyone, regardless of income, can find stability and a place they can call home."</p><p><strong>Mike Little, mayor of the District of North Vancouver –</strong></p><p>“The path to true affordability in our housing market comes from all agencies working together, collectively. The Riverside Drive development is the first Metro Vancouver project in the District of North Vancouver, and we are very pleased to see it moving forward."</p><p><strong>Richard Stewart, mayor of Coquitlam –</strong></p><p>"The City of Coquitlam values the investment and collaboration between the Province in their responsibility for housing, and Metro Vancouver in their historical contributions to housing in the region. We support the creation of new housing and non-market housing partnerships in order to help ensure that our children and grandchildren have the opportunity to stay and build their futures in this community."<br></p></div> | 5/23/2024 7:00:00 AM | | Metro Vancouver Media Relations | media@metrovancouver.org | | |