The federal government has announced a $40 million investment that will be used to build subsidized rental housing units in Vancouver.
Jean-Yves Duclos, Minister of Families, Children and Social Development, and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), announced the construction of 115 units to provide living spaces for middle-class families.
Cressey Development will be the group behind the building and development of the housing units, near Trout Lake in East Vancouver.
Named “Conrad,” the project includes 3.5-storey and 6-storey apartment buildings, as well as a 3-storey infill townhouse and a 2-storey, restored heritage house.
The housing units will be built on 1771 East 18th Avenue, right off Commercial Drive. The Trout Lake Community Centre, Lord Selkirk Elementary School, and Vancouver Veterinary Hospital are all located nearby.
According to a statement from the federal government, more than 60 percent of the units will have rents at or lower than 30 percent of the median household income.
This affordability, in agreement with the City of Vancouver, is to be maintained for 60 years.
Construction will be underway later this week, with hopes of having the building ready for Fall of 2019. Leasing will take place in Summer 2019.