The federal government is ponying up $107.5 million in loans for the construction of 215 purpose-built rental units in Vancouver.
Marcon Development is getting the $107.5 million in repayable low-interest loans through the Canada Mortgage and Housing Corporation (CMHC) for its W42 project at 5780 Alberta Street – a 19-storey high-rise with 215 rental units.
The high-rise will feature studio apartments, and one-, two- and three-bedroom units. The funding is made through the Rental Construction Financing Initiative. Marcon is putting up $6.6 million in cash equity.
"The homes will be located within walking distance to the 41 Avenue Canada Line Skytrain station, as well as parks, schools, and grocery stores," the federal government said in a news release.
"Through the Rental Construction Financing Initiative, we are able to make a collaborative effort to address some of Vancouver's housing challenges and enrich the urban landscape of our city," said Marcon executive vice president Nic Paolella.
“The Government of Canada is investing in housing supply here in Vancouver and across the country to help improve the quality of life for residents so they can live and work in their communities," said Taleeb Noormohamed, MP for Vancouver Granville.
Construction of the new high-rise is expected to be complete in June 2025.