All of the developments received funding through the Building BC: Community Housing Fund, a $3.3 billion investment to build more than 20,000 affordable rental homes for people with moderate and low incomes by 2031-32. Nearly 13,500 of these homes are open or underway throughout the province.

The Province, through BC Housing, invested nearly $61 million in grants for the 400 homes across five developments in Metro Vancouver. As CHF developments, the rents will be split as follows:

• 30% affordable market: the operator will have the option to select tenants off the Housing Registry;
• 50% rent-geared-to-income: tenants selected by the operator from the Housing Registry; and
• 20% deep subsidy: tenants selected by the operator from the Housing Registry.

The following funding information does not represent the total budget of each development  that has additional funding sources.

• 600 W. Queens Rd., North Vancouver
  • The Province, through BC Housing, provided more than $15.5 million, including $9.7 million from the Community Housing Fund and a $5.8 million Cost Pressure Grant.
  • The District of North Vancouver provided the land, valued at $13.2 million, plus approximately $1.3 million in development cost-charge waivers.

• 5085 McHardy St., Vancouver
  • The Province, through BC Housing, provided approximately $11.5 million from the Community Housing Fund.
  • The Community Land Trust (CLT) is providing approximately $122,000 in cash equity.
  • The City of Vancouver provided approximately $5.8 million in land equity.

• 708 Farrow St., Coquitlam
  • The Province, through BC Housing, provided approximately $3.5 million from the Community Housing Fund.
  • The City of Coquitlam provided a grant of approximately $800,000.

• 1656 Adanac St., Vancouver
  • The Province, through BC Housing, provided approximately $15.4 million from the Community Housing Fund.
  • The City of Vancouver provided approximately $5.3 million Community Housing Incentive Program (CHIP) grant.
  • Entre Nouse Femmes provided the land, valued at approximately $7.3 million.

• 3132 Rosemont Dr., Vancouver
  • The Province, through BC Housing, provided approximately $14.9 million from the Community Housing Fund.
  • The City of Vancouver provided a Development Cost Levy (DCL) exemption of approximately $2.2 million.
  • M. Kopernik Foundation provided the land, valued at approximately $2.4 million.
  • Metro Vancouver and Translink provided approximately $590,000 in development cost charge waivers.

Mark Friesen, executive director, Hollyburn Community Housing Society –

“Ten years ago, we had nothing but a dream. Today, we open the doors to 86 new homes – not just for 86 tenants, but for 86 families who now have a safe, stable place to thrive.”

Thom Armstrong, CEO, Community Land Trust –

“We're thrilled to soon welcome new co-op members into these new homes. Through provincial and municipal support, we're proud to develop homes that will offer long-term affordability and stability to residents.”

Ken Fraser, executive director, VRS Communities –

“VRS Communities is proud to deliver 21 new homes in Coquitlam for families, seniors and individuals with disabilities. We know the demand is high, and we’ll continue working with municipalities, BC Housing, CMHC and our private-sector partners to expand affordable, inclusive housing that supports independent living in the community.”

Ken Sim, mayor, Vancouver –

“The City of Vancouver is proud to support these urgently needed homes – CHIP funding for 1656 Adanac, land for 5085 McHardy and a DCL exemption for 3132 Rosemont. Vancouver is proud to be delivering more housing faster, and with our support for these projects, we take another step forward.”

Mike Little, mayor, District of North Vancouver –

“Hollybrook delivers much-needed affordable rental housing for people with moderate and low incomes in our community. It’s encouraging to see residents moving in and beginning their next chapter. Projects like this help ensure that more people can continue to call the district home, and I thank the construction workers who committed to the project and saw it through completion.”

Richard Steward, mayor, Coquitlam –

“Housing continues to be a key priority in Coquitlam, and we’re proud to have supported the development of non-market housing units at The Farrow through contribution from the city’s Affordable Housing Reserve Fund. These much-needed homes will support community members in need, and help ensure safe, adequate and affordable housing in our community.”