BURNABY, BC, July 26, 2024 /CNW/ - Today, the federal government announced more than $40.7 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair 3,400 affordable homes in Burnaby and New Westminster.

The announcement was made by the Honourable Terry Beech, Minister of Citizen Services and Member of Parliament for Burnaby North-Seymour - on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities - alongside, Ron McKinnon, Member of Parliament for Coquitlam-Port Coquitlam.

The announcement took place at YWCA Marion's Place at 4281 Grange Street which received $3.2 million to build 32 homes and will be operated by YWCA Metro Vancouver. The building will feature a mix of two and three-bedroom apartments for women and their families living on low and moderate incomes. The site is located close to Metrotown, grocery stores, a library, Central Park, and transit. It also offers services onsite, such as a Community Development Coordinator to help tenants access bursaries, employment opportunities and other supports for economic stability.

A detailed list of projects that received funding is provided in an appendix to this release.

Quotes:

"Everyone deserves a place to call their own and the Affordable Housing Fund is one way we're helping make that a reality for Canadians. We will keep investing in affordable housing projects like the ones announced today, and we will continue to keep working with partners across the country to end the housing crisis once and for all." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"Every person deserves a safe place to call home. Burnaby is among the most expensive rental markets in Canada. That's why we are collaborating with local partners to increase the supply of affordable housing. Investing in low-cost housing not only helps to prevent homelessness and other unsafe living conditions but also supports economic opportunities for families in Burnaby. This initiative will make Burnaby an even more attractive place to live and work." – The Honourable Terry Beech, Minister of Citizen Services and Member of Parliament for Burnaby North-Seymour

"Today's announcement is about more than just housing; it's about providing stability and opportunities for families in our region. By supporting projects like YWCA Marion's Place, we're helping women and their children build brighter futures in a supportive community. Through the Affordable Housing Fund, we are making sure that every Canadian has a safe and affordable place to call home. Working together as partners, all orders of government are building more of the housing we need in our communities." – Ron Mckinnon, Member of Parliament for Coquitlam-Port Coquitlam

"With growing income inequality and rising cost of living, we must focus our efforts on creating more affordable housing for women and their children to grow and thrive. More than half of single parent households in BC are living below the poverty line and these are predominately led by women. We are grateful to be recipients of the Affordable Housing Fund and want to thank CMHC for their support. Together with generous donors and the support of community partners, CMHC's contribution will create 32 units and provide 73 women and children with safe and affordable homes to build a strong future at YWCA Marion's Place." - Erin Seeley, CEO YWCA Metro Vancouver

"Building new homes is challenging in this economic environment, so to have the Affordable Housing Fund available to help bring this new community to life is extremely rewarding. We are so pleased to be able to deliver these 32 homes for the YWCA and the families that rely on their services." – Henry McQueen, Vice President Development, Qualex-Landmark 

Quick facts:

• The Affordable Housing Fund (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.
• As of March 2024, the federal government has committed $50.97 billion to support the creation of over 146,000 units and the repair of over 286,000 units.
• To support the Government's work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

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.

Appendix: Projects receiving funding under AHF

SOURCE Canada Mortgage and Housing Corporation (CMHC)