$108 million in federal financing for new Oakridge rental housing in Vancouver

The federal government has announced that it is providing Marcon Developments with $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative for a major secured purpose-built rental housing project in Vancouver's Oakridge area. This will enable Marcon to construct two towers with a total of 426 rental homes, including 215 market units and 211 below-market units. Such low-cost repayable loans provide private and non-profit developers with construction financing at a lower interest rate than what the market would otherwise provide.