Federal and civic politicians were on hand Friday for an announcement about a planned affordable housing development in Vancouver's Mount Pleasant neighbourhood.
With the help of $48.5 million in funding from the federal government's National Housing Strategy, the nine-storey building planned for 188 East 6th Ave. will include 145 units. A total of 120 of the units -- up from 94 that were previously planned -- will offer affordable rents, lower than 30% of Vancouver’s median household income.
"We're building rental market capacity that will benefit a generation of hard-working, middle-class Vancouverites," said Joyce Murray, President of the Treasury Board and Minister of Digital Government. "That affordability will be held for at least 60 years, so that's real lasting relief for hard-working, middle-class Canadians who will call this place home."
The City of Vancouver provided the land for the project on a 60-year-lease. The value of the site is estimated at $16.85 million.
"This new building will ensure that Vancouver's residents—especially families—can stay living and working here in the city," said Vancouver Mayor Kennedy Stewart. "That's the kind of housing we need in the city: Housing for the work forces."
Six months before completion, there will be an application process for people interested in renting one of the units. The affordable units will include one-, two- and three-bedroom apartments. The one-bedroom will be priced at $1,300 per month. Completion is expected in spring or summer of 2021.
