BURNABY, BC, May 10, 2024 /CNW/ - Today, the federal, provincial, and municipal governments announced more than $54 million for 150 new affordable rentals in the community.

The federal and provincial governments also announced an additional $22.3 million in combined funding to support the renovation and upgrades of up to 421 units in two existing properties in Burnaby.

The first construction project is located at 6488 Byrnepark Drive and will be owned and operated by the M'akola Housing Society. The six-storey building will feature 130 homes - ranging from studios to three-bedroom apartments - for low- to moderate-income households. Seven of the homes will be accessible and 19 will be adaptable for future accessibility needs. The building will also have underground parking, an indoor amenity room, a playground, dog run, and a park.

Rents will be a mix of rent-geared- to-income where residents pay 30 percent of their income for rent, market rates and deep-subsidy rates for people on income assistance. Final rental rates will be determined closer to completion. Construction of the building is expected to be complete in 2026.

Funding for the second building, located at 7898-18 Avenue, was previously announced in 2021. Called Eunice Oh Residence, it is a low-rise building featuring studio, one-, two-, and three-bedroom apartments. It is complete, and residents will soon be moving into their new homes.

The building is operated by the New Vista Society and offers a mix of low-end market rents, rents geared to income and shelter-rate homes for vulnerable seniors, families, and individuals.

The funding for repairs and upgrades for New Vista Two Towers at 7210 Mary Ave, includes renovating the kitchens and bathrooms, as well as replacing water and sewer lines, installing EV charging stations and upgrading the building envelope. The funding for Sunset Court at 5850 Sunset St. will support the installation of a new boiler.

Funding provided for the projects are as follows:

• 6488 Byrnepark Drive
  • $10.6 million from the federal government, through the Affordable Housing Fund
  • $23.5 million from the Province, through BC Housing. This includes $14.7 million from the Building BC: Community Housing Fund and an $8.8 million Cost Pressure Grant. They will also provide$1.3 million in annual operating funding
  • The City of Burnaby owns the land valued at $13 million and is leasing it to M'akola for a nominal fee. The City is also contributing $1.4 million towards fee waivers and site preparation and off-site servicing works.
  • $867,000 in waiver fees from Metro Vancouver
• Eunice Oh Residence
  • $2.5 million from the Province, through BC Housing from the Building BC: Community Housing Fund. They are also providing $110,000 in annual operating funding.
  • $1 million contribution of joint funding through the Canada – British Columbia Bilateral Agreement under the National Housing Strategy.
  • The City of Burnaby provided the land for the project, assessed at over $2.5 million, and is leasing the land at a nominal rate. The City is also contributing over $1 million towards fee waivers for New Vista.
• Sunset Court
  • $15,915 from the federal government through the Affordable Housing Fund
• New Vista Twin Towers
  • $8.7 million from the federal government through the Affordable Housing Fund
  • $13.6 million from the Province through a forgivable loan.

"Developing effective housing solutions relies on cooperation; it's about working with local governments and stakeholders. These projects demonstrate how collaboration among community-based organizations, local authorities, and the federal government can meet the housing needs of Burnaby residents. It's more than just building 150 new units and upgrading over 400 others; it means providing safety, security, and freedom to hundreds of families." –  The Honourable Terry Beech, Minister of Citizens' Services and Member of Parliament for Burnaby North-Seymour on behalf of The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"By investing in affordable homes, we are ensuring that communities remain livable with affordable options for growing families and individuals working in the area. Burnaby is one of the fastest growing communities in B.C. and we've stepped up to meet that demand with our commitment to build 1,500 new affordable homes by 2026."  – Ravi Kahlon, BC Minister of Housing

"These two buildings will be welcome in Burnaby, providing affordable housing options that meet the needs of our growing community. These 150 homes will offer families and working professionals the housing they need, close to amenities and transportation." – Raj Chouhan, Member of the Legislature for Burnaby-Edmonds

"We're proud to play an important role in bringing these projects forward, as they deliver the types of housing that we urgently need in Burnaby. These are just a few of many projects underway where the City provides land and other supports as part of partnerships to create new homes at below-market rates."–  Mike Hurley, Mayor, City of Burnaby

"M'akola is proud to announce the ground breaking of our first Indigenous affordable housing project in the City of Burnaby. These homes are part of our commitment to address urgent housing needs in communities across B.C. while honouring the traditional territories of the hənq̓ əmin ̓ əm̓ ̓and Sḵwxwú7mesh sníchim speaking people. We are grateful for the support of our partners in making this project a reality." – Kevin Albers, CEO, M'akola Housing Society

"New Vista is so happy to have worked with the City of Burnaby and BC Housing to build and open the Eunice Oh Residence on 18th Ave. The building will provide much needed affordable housing to families, seniors, and persons with disabilities for decades to come."  – Darin Froese, Chief Executive Officer, New Vista Society

"AHMA celebrates Mayor Mike Hurley for his ongoing commitment to housing equity and solutions that include Indigenous Peoples. Rent-geared-to-income works to create deep affordability that supports those suffering most from housing precarity. Our member, M'akola is delivering multiple developments for Indigenous and non-Indigenous people alike and it makes a real difference when municipalities create pathways to success." – Margaret Pfoh, CEO, Aboriginal Housing Management Authority

"I am so pleased to see work begin on this important project, which will provide much-needed housing for families and individuals in Burnaby. Metro Vancouver is waiving development cost charges for this and other eligible projects because we believe it's important that all levels of government do what they can to encourage the construction of new affordable homes." – George V. Harvie, Chair, Metro Vancouver Board of Directors

• Canada's National Housing Strategy (NHS) is a 10-year, $82-plus billion plan that will give more Canadians a place to call home.
  • NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need.
  • All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people, and communities.
• The Affordable Housing Fund, previously the National Housing Co-Investment Fund (NHCF), is a $13.2 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
• The projects are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has more than 78,000 homes delivered or underway, including more than 4,000 homes in Burnaby.

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
• To learn about B.C.'s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
• To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

SOURCE Canada Mortgage and Housing Corporation (CMHC)