BURNABY,
BC, May 13, 2024 /CNW/ - Residents will
soon have access to their new homes in Burnaby with the opening of Telford on the
Walk. The federal government is providing $14.9 million towards the project.
The announcement was made by the Honourable Terry Beech,
Minister of Citizens' Services and Member of Parliament for Burnaby
North—Seymour Mike Hurley, Mayor of the City of Burnaby, Luke
Harrison, President of Catalyst Community Development, and
Evan Allegretto, President of Intracorp Homes BC.
Owned and operated by Catalyst Community Developments, and
located at 6521 Telford Avenue, the six-storey, wood-frame building
features 59 below-market and 7 market apartments ranging from ones
to three-bedrooms The building is located steps from Metrotown
Skytrain station and replaces an aging three-storey building. Over
70 per cent of residents have chosen to move into the new building
and are expected to move in beginning in June.
This is the first building in Burnaby completed since the City of Burnaby introduced its Rental Use
Zoning policy. This policy requires 1-to-1 replacement of all
rental units in multi-family buildings (with five or more units)
lost through redevelopment. Tenants displaced are offered a unit in
the new building, with the same number of bedrooms and at the same
rent they paid prior to redevelopment.
Funding provided for this project is as follows:
- $14.9 million from the federal
government; $12.5 million in fully
repayable, low-interest loans through the Apartment Construction
Loan Program and $2.4 million through
the Affordable Housing Fund.
- $4.5 million from Intracorp Homes
BC.
- $460,000 from the City of Burnaby.
Quotes:
"Every Canadian deserves a safe and affordable place to call
home. That's why our government is taking action right here in
Burnaby to increase the supply of
new rental developments that are located near good jobs, transit,
and important services and amenities. Thank you to the city of
Burnaby and our development
partners for their leadership." – 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
"We made a promise to Burnaby
tenants five years ago to ensure they were not displaced or priced
out of their neighbourhoods as a result of redevelopment. Today,
I'm thrilled to see the first wave of tenants return to beautiful
homes in a fantastic new building in Burnaby and I'm thankful for the partners who
have helped make this program such a success." –
Mike Hurley, Mayor,
City of Burnaby
"Catalyst is grateful to have partners like Intracorp, CMHC, and
the City of Burnaby to help in our
work to create housing that is affordable to the people who make
our communities work. Though the individual contributions are
significant, it is in collaboration that we can develop solutions
that meet and exceed the community's needs."
– Luke Harrison,
President, Catalyst Community Developments
"Intracorp Homes is honoured to be a part of the collective
effort addressing our region's housing crisis. Our partnership with
both Federal and local governments has culminated in Telford on the
Walk—an achievement as the first development completed under the
City of Burnaby's new housing
policy. This project exemplifies the power of collaboration between
the public and private sectors. I'm proud of our role in fostering
communities where every individual can find a safe, affordable
place to call home." – Evan Allegretto, President,
Intracorp Homes BC
Quick facts:
- 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.
- As of December 31, 2023, the
Government of Canada has committed
over $42.99 billion to support the
creation of almost 135,000 units and the repair of over 270,000
units. These measures prioritize those in greatest need, including
seniors, Indigenous Peoples, people experiencing or at risk of
homelessness, and women and children fleeing violence.
- The over $40 billion Apartment
Loan Construction Program, formerly known as the Rental
Construction Financing Initiative, is providing low-cost financing
to support more than 101,000 new rental homes across Canada by 2031-32.
- The ACLP provides fully repayable low-interest loans to
encourage the construction of more rentals for middle income
Canadians. It creates a positive impact to the housing system at
minimal cost to taxpayers.
- It is one of many programs and initiatives under the National
Housing Strategy designed to help address housing needs across the
housing continuum.
- It complements other NHS initiatives that focus on funding
affordable housing units for lower-income households.
- Through the program, the federal government is helping build
more than 71,000 rentals
- A stable supply of purpose-built rental housing is essential
for more people in Canada to have
access to housing that meets their needs.
- The Affordable Housing Fund (AHF), previously the
National Housing Co-Investment Fund (NHCF), The AHF provides
funding through low-interest and/or forgivable loans or
contributions to partnered organizations for new affordable housing
and the renovation and repair of existing, affordable and community
housing. This 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.
- o As of December 31, 2023, the
Government of Canada has committed
over $8.17 billion to support the
creation of over 32,000 units and the repair of over 155,000 units
through the Affordable Housing Fund.
Additional Information:
- 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.
SOURCE Canada Mortgage and Housing Corporation (CMHC)