zoning laws

$88M federal loan for Vancouver affordable housing

Wednesday, August 11, 2021

The Government of Canada has announced $88-million to help construct 173 new housing units at Lelem Village on the University Endowment Lands in Vancouver.

Lelem Village will be developed by Musqueam Capital Corporation on behalf of the Musqueam Indian Band and consists of a four-storey, a five-storey and a 12-storey building within walking distance of the University of British Columbia, the University Golf Course and Acadia Park.

Sixty-two units will have affordable rents in accordance with the terms of the Housing Agreement with the province. Ten per cent of the units will meet municipal accessibility requirements. The project is designed to achieve a minimum of 19.8 per cent decrease in energy intensity and 64.1 per cent decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.

Located at the southeast corner of the intersection of University Boulevard and Toronto Road, the first phase of Lelem Village, in partnership with local developer Polygon, is expected to reach completion by 2022.

Lelem Village will be built over four phases through the end of this decade, creating 1.2 million square feet of residential space for 1,250 homes for roughly 2,500 people, including condominiums and rentals.

“Our goal at Musqueam Capital Corp is to provide a quality living experience at affordable rents. Lelem Village will have a significant impact for the community. We know we have work to do when it comes to supplying rental housing in our city, and we would like to thank the federal government for their ongoing support and commitment,” said Stephen Lee, CEO, Musqueam Capital Corp.

The project 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.

Leave a Reply

Your email address will not be published. Required fields are marked *