Canada's first Affordable Rental Innovation Fund project opens in Vancouver

OTTAWA, ONTARIO--(Marketwired - Feb. 16, 2017) - Vancouver residents looking for affordable rental housing now have a new option in a three-storey, 40-unit building at 220 Terminal Avenue in the city's Strathcona neighbourhood. The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Vancouver Affordable Housing Agency (VAHA) and the City of Vancouver, announced the opening of the development today.

This project is the first such development funded by the Affordable Rental Innovation Fund.

Highlights of the VAHA project:

• Contribution of $1.5 million by CMHC to support the construction of a three-storey building that features 40 single-occupancy suites.
• Project includes moveable modular units for setup on currently undeveloped, city-owned land.
• The units can be moved to another vacant site when the land in the current location is needed for permanent development.
• The individual suites include self-contained bathrooms and kitchens, individual climate control, and private living space.
• The building features include indoor and outdoor amenity space, central laundry and a number of wheelchair accessible suites on the first floor.

The Innovation Fund is administered by CMHC and was first announced in September 2016. A total of $200M will support the construction of up to 4,000 new affordable rental units over 5 years. Funding is available to eligible individuals, corporations and organizations that want to build affordable rental housing in Canada in response to demonstrated community need.

Applications for the fund must meet the minimum criteria:

• New affordable rental housing units (5 minimum)
• Innovative and unique models of design or financing models
• Unit affordability maintained for at least 10 years
• Resource efficiencies in the design
• Accessibility features included
• Plans for viability and sustainability without long-term government subsidies

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website or follow us on Twitter, YouTube, LinkedIn and Facebook. For more information about the Affordable Rental Innovation Fund or how to apply, go to www.cmhc.ca/innovationfund.

Quotes:

"The Government of Canada is committed to redesign and redefining how it supports innovation and growth, which includes new partnerships involving private sector, developers, municipalities and non-profit sector."

Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for CMHC

"Vancouver now has a new and unconventional solution to its affordable rental challenges. This project is a glimpse of what Canada's affordable rental housing future can look like with the hope of inspiring more innovative and affordable housing solutions in cities across the country."

Simon Lahoud, Senior Manager, Innovation Fund, Canada Mortgage and Housing Corporation