$124 million in federal funding for 358 new affordable rental homes in Burnaby
Future affordable housing projects within Burnaby are now on the receiving end of a combined total of $123.5 million in new federal funding.
Federal housing minister Ahmed Hussen announced today the National Housing Co-Investment Fund through Canada Mortgage and Housing Corporation (CMHC) has set aside $113 million to Catalyst Community Developments Society’s two affordable rental housing projects of 7392 16th Avenue in the Edmonds area and 6889 Royal Oak Avenue in the Metrotown area.
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Both project sites will be 100% secured purpose-built rental housing with a range of below-market and near-market rates.
The Edmonds project will be a six-storey building with 203 units, while the Metrotown project, also a six-storey building, located immediately next to SkyTrain Royal Oak Station, will have 134 units. Both development sites were previously vacant.
In addition to the federal funding, the City of Burnaby has announced a municipal contribution of over $31 million towards both projects owned and operated by Catalyst.
Construction on both Catalyst projects is underway, with the Metrotown project expected to reach completion in Spring 2025 and the Edmonds project by Summer 2025.
“Catalyst is honoured to be creating homes affordable to people that live and work in Burnaby. This partnership between the City of Burnaby, CMHC, and Catalyst is the only way that housing affordable to local area incomes can be delivered, and it starts with the kind of leadership we have in Burnaby. Leadership committed to closing the gap between incomes and housing costs,” said Luke Harrison, president of Catalyst Community Developments Society, in a statement.
On top of the funding for the Catalyst-led projects, the federal government also announced further investments into the City of Burnaby’s capacity to bring people facing homelessness indoors.
Over $10.5 million in additional funding from the federal Rapid Housing Initiative will go to Burnaby to create 21 new units, which can be used to rapidly build new housing — such as modular structures — or acquire existing buildings for their reuse and conversion into permanent affordable housing units.