$574M in federal financing announced to help build almost 1,000 rental homes in Vancouver

The federal government is providing more than $574 million in financing to help build about 950 rental homes in Vancouver.

The government saidin a release that a project on 42nd Avenue is one of four locations receiving funds through the Apartment Loan Construction Program, which offers repayable low-interest loans to encourage more rentals builds for middle-class Canadians.

It said$110 million has been allocated through the fund to build 211 apartments in a mix of sizes, including two-bedroom units, on thesite, which is being built by Marcon Developments Ltd.

The government saysthe location is within the Oakridge town centre and is within walking distance to a Canada Line station.

Three other sites inVancouverare also receiving loans from the program:

• $185.4millionfor 1099 Harwood St.;
• $184millionfor 1066 Harwood St.;
• and $94millionfor 1317 Richards St.

Harjit Sajjan, minister responsible for Pacific Economic Development Canada, saidthe need tobuildmore housing is becoming increasingly crucial as the city's population grows, and these projects are an "essential part of the solution."

"When it is complete, these four projects will offer much needed housing for families and individuals that are close to jobs, services and amenities in the community," he saidin the release.