Families and individuals with middle incomes in Vancouver will soon have access to 48 new rental homes, as construction has started on a new apartment project.
“These new units will be a significant addition to the East Hastings neighbourhood, helping improve the lives and well-being of families and people with middle incomes, while building more rental stock in the community,” said Niki Sharma, MLA for Vancouver-Hastings. “Our government will continue to use the resources at our disposal, like the HousingHub program, to address B.C.’s housing crisis.”
Located at 3455 East Hastings St., The Narrows will be a six-storey wood-frame building with a mix of studio, one-, two- and three-bedroom units. The ground floor will feature commercial space. The homes are designed to be affordable for households with incomes between $65,473 and $147,271. While monthly rents will be known closer to the project completion date, residents will pay approximately 30% of their monthly household income.
The project is being built in partnership with Steiner Properties, through BC Housing’s HousingHub program. HousingHub was created in 2018 and works with community, government, non-profit and private-sector partners to help create new affordable rental housing and home-ownership options for low- and middle-income British Columbians.
The Province does not directly fund HousingHub projects, instead making low-cost financing available to developers to build new housing. Through HousingHub, developers receive loans with lower interest rates than would otherwise be available. The developers commit to pass construction-cost savings on to prospective tenants and homeowners through more affordable rents and homeownership opportunities.
The Province is providing approximately $19.9 million in low-interest financing for this project, which will be repaid with interest by Steiner Properties.
“Steiner Properties is committed to forward-thinking partnerships that create lasting impact,” said Jacob Steiner, operations manager, Steiner Properties. “The Narrows will contribute rental homes and commercial space for the people of Vancouver and our team, with support from BC Housing, looks forward to continued investments that help communities flourish.”
Construction is expected to be complete in early 2023.
For more information about HousingHub, visit: https://news.gov.bc.ca/releases/2021AG0025-000720
A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC