PORT MOODY, BC, May 17, 2024 /CNW/ - 328 new affordable rental homes for families, seniors, and Indigenous peoples are under construction in Port Moody. Today, the federal and provincial governments announced a combined investment of more than $201 million towards the project.  

Located at 296 Angela Drive in Port Moody, The Creek is the first phase of a larger multi-phase, 23-acre development called Portwood.

The Creek will have three six-storey apartment buildings with one-, two- and three-bedroom homes. Sixty-six of these homes will be fully accessible and 166 will be adaptable for future accessibility needs. Rental rates will be determined closer to the opening of the buildings, however, they will be below-market rates.

The project is a partnership between the federal government, the Province, EDGAR Development, the City of Port Moody, M'akola Housing Society, and Entre Nous Femmes Housing Society.

The Creek will be operated by M'akola Housing Society in partnership with Entre Nous Femmes Housing Society. BC Housing, through the Provincial Rental Housing Corporation, will own the apartments and will lease them to M'akola for a nominal fee over a 60-year term.

Portwood is Port Moody's first master-planned development since 2004. The redevelopment will take place over the next 15-20 years, transforming the site into a master-planned, well-served community with an innovative mix of housing, two new city parks, childcare spaces, and retail stores.

Completion of the Creek is expected in late 2026. Residents will be selected through the M'akola Housing Society and Entre Nous Femmes Housing Society's application process in unison with the BC Housing Registry.

Funding provided for this project is as follows:

• $16.4 million contribution and a $122.8 million fully repayable loan from the federal government, through the Affordable Housing Fund.
• $19.9 million of joint funding from the federal and provincial governments through the Canada - British Columbia Bilateral Agreement under the National Housing Strategy.
• The Province, through BC Housing, is contributing a "deepening affordability" grant of $10.6 million and an "investment in housing innovation" grant of $2.3 million.
• The Province, through BC Housing, is also contributing the land valued at $28.5 million that was gifted to the Provincial Rental Housing Corporation by Edgar Development. This land was secured for affordable housing through Edgar's rezoning application to the City of Port Moody.
• The City of Port Moody approved a development cost Charges (DCC) reduction of more than $560,000.

"The peace of mind that comes with having a secure and stable home is invaluable. This is why the federal government is glad to support the creation of these 328 new units which will provide families, seniors and Indigenous peoples in Port Moody with affordable and quality housing. Everyone deserves a safe place to call home, and through the National Housing Strategy, we are committed to making that a reality for all Canadians." – Ken Hardie, Member of Parliament for Fleetwood-Port Kells on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"With the building of these 328 below-market homes, more people in the community will have access to homes within their reach, bringing more peace of mind and stability in their lives. We know that high costs of housing are currently taking a toll on many people in Port Moody and throughout B.C., and these homes will provide relief to people so they can thrive in the community they call home."– Ravi Kahlon, BC Minister of Housing

"Many people in Port Moody are struggling to find places to live that fairly match their budget and meet their needs, and we have to find ways to build these homes as soon as possible. That's why it's great to see that below-market homes were prioritized and are being built in the early phase of this development." – Rick Glumac, Member of the Legislative Assembly for Port Moody-Coquitlam

"We are very pleased to see these affordable homes coming to Port Moody. This project prioritizes diverse and equitable housing options, which is one of the objectives in our Council's Strategic Plan. We're also pleased to be a part of this unique public-private partnership. By working together in new ways, we can ensure that Port Moody has a mix of housing that meets the diverse needs of current and future residents." – Meghan Lahti, Mayor City of Port Moody 

"Entre Nous Femmes Housing Society is honoured to collaborate with M'akola Housing Society on this transformative, affordable housing initiative in Port Moody. Our partnership reflects a shared vision for creating a lasting positive impact, and we look forward to contributing to the continued growth and sustainability of Port Moody." – Lilian Chau, CEO, Entre Nous Femmes Housing Society

"It takes a village to build affordable housing in today's environment, and this is a great example of the public and private sectors working together with BC Housing to deliver housing. This new affordable rental offering is part of the 23-acre, master-planned Portwood community that will include more than 2000 new homes, childcare, parks and walking and bike paths. Together, this collaborative effort contributes to delivering a significant number of much-needed affordable homes in Port Moody."  – Matthew McClenaghan, President of EDGAR Development 

"M'akola Housing Society is pleased to be serving the community of Port Moody by providing over 300 affordable homes to Indigenous and non-Indigenous Elders, seniors, couples and families. We are proud to partner with Entre Nous Femmes Housing Society to bring much needed affordable housing to Port Moody." – Kevin Albers, CEO, M'akola Housing Society

"This development in Port Moody is evidence that when everyone works together, we can make a difference for those most in need of housing. We celebrate our member, M'akola for their collaborative approach to housing. Partnerships are powerful for creating equitable urban solutions to housing and M'akola are experts at working with multiple partners to support the delivery of affordable housing that includes Indigenous people." – Margaret Pfoh, CEO, AHMA

• The Affordable Housing Fund (AHF) is part of Canada's National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at http://www.placetocallhome.ca.The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
  • 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 Affordable Housing Fund, previously the National Housing Co-Investment Fund (NHCF), provides funding through contributions or low-interest and/or forgivable loans 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.
  • 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.

• 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 Government of Canada