The federal government announced an investment of more than $763 million into Grosvenor’s Brentwood Block for the construction of nearly 1,300 housing units in Burnaby through its Apartment Construction Loan Program (ACLP).

Brentwood Block is a multi-phase master plan community located on a 7.9-acre site that encompasses an entire city block in the heart of Brentwood. When complete, the project will provide 1,279 rental units, 451 condominiums, and 160,000 square feet of retail and commercial space. Grosvenor’s Brentwood Block project includes Western Canada’s tallest all rental tower.

Additionally, the site will be home to a new City of Burnaby community centre, extensive public plazas and outdoor amenity spaces.

“Burnaby continues to set an example for how cities can lead by working hand in hand with all levels of government and the development community to create new, affordable homes throughout our community. This federal investment is essential to ensuring projects like the Brentwood Block can move forward and reflects the kind of partnership that will move the needle on housing costs in Burnaby,” said Mike Hurley, Mayor, City of Burnaby.

The Government of Canada is stepping up with investments to increase the housing supply in Canada through programs to deliver on solutions across the housing continuum. One such program is the Apartment Construction Loan Program (ACLP), which provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians.

The federal government also launched Build Canada Homes in September as part of their broader effort to build more affordable homes.