Hundreds of new below-market rental units are coming to New Westminster after a developer took up an offer from the federal government.
Two projects, developed by Wesgroup, will build a total of 717 new units of rental housing through low-cost loans from Canada Mortgage and Housing Corporation (CMHC).
Adam Vaughan, minister responsible for CMHC, announced low-cost loans totaling to help construct the projects.
“The projects received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets,” said a news release.
CMHC Funding Amount:
- 100 Braid Street: $160 million
- 268 Nelson’s Court: $135 million
- 836 total units
- 100 Braid Street: 423 units
- 268 Nelson’s Court: 294 units
“CMHC’s RCFI program aligns with Wesgroup’s core values, and through our partnership together we have successfully converted … projects that would have otherwise been condominiums into affordable, accessible and sustainable rental homes,” said Beau Jarvis, president of Wesgroup, in a statement. “These developments provide quality housing accessible to a wide demographic, with great access to transit, amenities, services and jobs. This partnership demonstrates the successful implementation of a targeted government strategy and helps to address the challenges of delivering quality housing in dense urban areas. Moreover, this is a great example of the private sector collaborating with various levels of government in an effort to actively address the lack of housing supply in our province.”