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.

"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

• 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.

• 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)