Community Land Trust and BlueCity Construction staff were joined by Jill McKnight, Minister of Veterans Affairs and Associate Minister of Defense and, Member of Parliament for Delta, Terry Yung, Member of the Legislative Assembly for Vancouver-Yaletown, and the Dr. Hedy Fry, Member of Parliament for Vancouver Centre to announce $69 million in funding to support the development of 112 affordable co-op homes.
“Every Canadian deserves a safe place to call home,” said Jill McKnight. “That’s why our government is working closely with the Province of British Columbia and the City of Vancouver to deliver high-quality housing where it’s needed most. This project is a significant step forward in providing secure, affordable homes for Vancouver residents, while helping to build a more prosperous and resilient economy for all Canadians.”
The homes, at 1220 Seymour, will be located in a sustainable 9-storey building, all above a ground-floor retail component and will be built to Passive House certification and design standards. The completed residences will be managed as a housing co-operative by Community Land Trust, ensuring long-term tenure of affordable rental homes in a highly sought-after and centrally connected area of downtown Vancouver. New Commons Development (a pan-Canadian non-profit development company) partnered with the Community Land Trust to manage and finance the proposal.
“These new homes will provide long-term stability for families, workers, and seniors,” said Terry Young. “I’m proud to see this project move forward under BC Builds, delivering real solutions for people in our neighbourhood. This project is a great example of how we can help us build the kind of housing people in our community need.”
As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working together with the non-profit sector to bring down costs and build homes at a scale and pace not seen in generations. These investments are also providing Canadians with increased access to affordable and sustainable housing.
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. Today, the federal government, along with the Province of British Columbia and the City of Vancouver announced approximately $69 million in combined funding to help build 112 secure, affordable rental homes in Vancouver.
“This beautiful new development is a prime example of how federal, provincial, and municipal governments can work together with the community housing sector to expand access to permanently affordable housing options,” said Thom Armstrong. “We look forward to welcoming 112 households to this new housing co-op. Co-ops provide safe, secure, affordable housing to their members while strengthening the surrounding community.”
Funding Details
- $7.1-million contribution and $33.2-million loan through the National Housing Strategy’s Affordable Housing Fund
- $25-million grant from the Province of British Columbia through BC Builds
- $13.6-million land lease contribution and $500,000 contribution from the City of Vancouver.
The new housing co-operative at 1220 Seymour is expected to open for new residents in 2028.