$500 million in new federal financing for 1,100 rental homes in Vancouver

The federal government has announced a combined total of $500 million to help deliver 1,100 new purpose-built rental homes within Vancouver. This follows CMHC’s announcement in early August about providing $208 million in low-cost construction financing for three projects generating a total of 422 new rental homes. Eligible projects must also have an affordable housing component such as setting aside at least 20% of the units with rents 30% below the median total income of an area or falling under another affordable housing program approved by any level of government. This funding is intended to address the need for more housing in Vancouver while providing middle-income working