Media Contacts

Ministry of Housing

Media Relations
236 478-0251

Backgrounders

Facts about Buckley Avenue, 3rd Avenue homes

38648 Buckley Ave.

  • The Province, through BC Housing, provided approximately $8.06 million through the Building BC: Community Housing Fund to the project, and will also provide an annual operating subsidy of approximately $324,000.
  • The District of Squamish provided grant funding of approximately $509,000 and is leasing the land to the Sea to Sky Community Services Society at a nominal rate for a period of 60 years.
  • The Community Housing Fund is a $3.3-billion investment to build more than 20,000 affordable rental homes for people with moderate or low incomes.
  • Nearly 9,000 of these homes are open, under construction or in development across the province.
  • Applications for the building can be submitted here: https://www.sscs.ca/housing-application/.

38012 3rd Ave.

  • The development received approximately $23.5 million in financing through BC Housing’s HousingHub.
  • Eighth Avenue Development Group provided approximately $5 million in cash equity, as well as all construction and development costs.
  • HousingHub was created in 2018 and works with communities and non-profit and private-sector developers to increase the supply of rental housing and homeownership options for British Columbians with middle incomes.
  • The Province does not directly fund HousingHub projects. Instead, the Province makes 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 ownership opportunities.