Government of Canada provides 120 rental units in West Kelowna

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KELOWNA WEST, BC, August 9, 2021 / CNW / – Every Canadian deserves a safe and affordable place to call home. Thanks to the investments made by the government of Canada, the inhabitants of West Kelowna will now have access to more stable rental housing options.

Today, Adam vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), on behalf of the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for the Canada Mortgage and Housing Corporation (CMHC), as well as the Honorable Hedy Fry, Member of Parliament for Vancouver Center, announced a $ 34A low cost $ 0.5 million loan that helped build Harbor Ridge, a 120 unit residential building located at 1750 Old Ferry Wharf Rd in West Kelowna, BC.

Harbor Ridge, developed by Quadra Homes, is a 5 story mixed-use building that includes 120 one, two and three bedroom units, and will provide much needed rental accommodation in West Kelowna.

Ten percent of homes meet or exceed municipal accessibility standards. The project is designed to achieve a reduction of at least 35.1% in energy intensity and 35% in greenhouse gas emissions compared to the requirements of the National Energy Code for Buildings 2015.

The project received funding under CMHC’s Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage supply. stable rental housing for middle class families in expensive housing markets.

Quote:

“Every Canadian deserves a safe and affordable place to call home. That’s why, with this investment in Harbor Ridge, our government is taking action not only to increase the supply of new rental projects, but also to provide housing options that are closer to the jobs, services and amenities that families in the middle class West Kelowna need. This is the National Housing Strategy at work. ” Tthe Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)

“We all know that everyone in our region and across Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Finance Initiative (RCFi) is helping West Kelowna increase its offer of new rental programs. When complete, Harbor Ridge will offer new housing options for families and individuals who are even closer to good jobs, services and amenities in West Kelowna. ” Adam vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)

“The past year and a half has reminded Canadians how vital it is to have a home. Hard-working middle-class families in West Kelowna deserve homes where they can thrive: a place where their children can grow up and our neighborhoods can thrive. This investment will create rental options for 120 families and individuals across the Kelowna area.” – The Honorable Hedy Fry, MP for Vancouver Center

“Quadra Homes would like to thank the Honorable Ahmed Hussen, Minister responsible for CMHC, and the entire CMHC team for their positive response to this housing need. Working with CMHC on this project as part of the Rental Construction Finance Initiative has been an ongoing process, quickly responding to the need for affordable housing in the Okanagan. Harbor Ridge is another example of the federal government taking the initiative to work with the private sector and stakeholders to provide much needed affordable housing while protecting the interests of taxpayers. We could not have completed this project without the combined efforts of CMHC, West Bank First Nations and all of our consultants, contractors and suppliers who believed in the project and worked hard to bring it to fruition. more affordable housing. ” Shawn bouchard, Vice-President, Maisons Quadra

Fast facts:

  • Upon subscription, the vacancy rate in the Kelowna market was 1.9% (October 2018).
  • Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
  • A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
  • Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
  • Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
  • Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
  • from Canada The National Housing Strategy (NHS) is a 10-year, over $ 72 billion plan that will give more Canadians a place to call home.
  • To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.

Related links:

  • Like from Canada housing authority CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
  • To learn more about the National Housing Strategy, visit www.placetocallhome.ca.

Government of Canada logo (CNW Group / Canada Mortgage and Housing Corporation)

Canada Mortgage and Housing Corporation (CMHC) (CNW Group / Canada Mortgage and Housing Corporation)

SOURCE Canada Mortgage and Housing Corporation

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