The Government of Canada announced it has provided $150 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to bring more than 364 purpose-built rental units to market in Vancouver. The announcement took place September 7, 2023, at Evolve (pictured above), located near the University of British Columbia at 3518 Wesbrook Mall.
“We are working with all levels of government, non-profit organizations and with the private sector to increase housing supply,” said Sean Fraser, Minister of Housing, Infrastructure and Communities. “Through strategic investments, like the one announced today which will help build 364 purpose-built units in Vancouver, we are helping to increase housing supply across Canada so that all Canadians have a safe place that they are proud to call home.”
The three new projects announced last week include Evolve, Mundell House, and 19 on the Greenway.
Evolve is a Passive House project comprised of 110 rental units for UBC faculty and staff. It received a $44.2 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC) and $3.5 million from Natural Resources Canada. UBC contributed $15.1 million in land equity. Construction on Evolve was completed in August 2022 and the project is fully leased.
Mundell House, also located near UBC at 6038 Birney Avenue, offers 136 rental units for faculty and staff. The project received a $46.4 million RCFi low-interest loan from the federal government through CMHC. UBC contributed $23.6 million in land equity. Construction was completed in August 2020 and the project is fully leased.
Located at 3619 and 3681 Arbutus Street, 19 on the Greenway will be developed into two separate rental buildings and will offer 118 units for Vancouver residents. The project received a $59 million RCFi low-interest loan from the federal government through CMHC and PCI Developments contributed $30.7 million in cash equity. Construction is expected to complete in March 2025.
“From young students moving out for the first time, to families moving into a new community, to seniors downsizing, Canadian renters of all ages are impacted by shortages and rising costs of housing,” said Joyce Murray, Member of Parliament for Vancouver Quadra. “Through investments in projects like [these], our government is increasing the supply of new rental developments that are accessible to public transit and offer the option to live closer to where they work or go to school.”
The RCFi provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It is one of several programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
For more information on RCFi and Canada’s other housing funding initiatives, visit: Housing Funding Initiatives Map | A Place to Call Home
