A Jenga-like tower in Vancouver that Daily Hive Urbanized reported on nearly three years ago is one step closer to fruition, and it will include 337 affordable housing units.
In a statement from the BC government, the suggestion is that these units in the building located at 3338 Sawmill Crescent will be available “soon,” in a big step for affordability for moderate and low-income individuals, families and seniors.
Seventy units in the building will be three-bedroom suites, making them an option for families.
The development is a partnership between the province, through BC Housing, the City of Vancouver, and the Community Land Trust Foundation of BC (CLT). The homes will also be operated by CLT, in partnership with the M’akola Housing Society. A total of 117 out of the 337 units will be co-operative housing homes.
The new homes are expected to be completed by the fall of 2024.
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When it comes to how affordable these units will be for the average Vancouver resident, half of the units will have rents geared towards income, with rent being 30% of the total household income. Other units will be rented to people who have very low incomes, like people who are receiving income or disability assistance. Others will be at or below market rent.
The province is contributing around $37 million from the Building BC: Community Housing Fund. It will provide annual operating funding of around $1.8 million. The City of Vancouver is providing land under a normal lease to CLT, with approximately $10 million in development cost charge waivers.
This project is part of the BC government’s 10-year, $7 billion housing plan, and according to a statement from the BC government, it has funded over 32,000 affordable homes that have either been completed or are currently underway. This includes approximately 7,600 homes in Vancouver.
When fully completed, the 130-acre River District will include over seven million sq ft of living space for up to 15,000 residents, as well as 250,000 sq ft of commercial space, 25 acres of green space, riverfront promenades, and new schools and community facilities.
With files from Kenneth Chan