VANCOUVER—A partnership between the British Columbia government, S.U.C.C.E.S.S. and the City of Vancouver will create 109 units of new affordable housing for low- to moderate-income individuals, seniors and families.
Following the September 2016 announcement of a $500-million investment in affordable rental housing, the Province is providing $9 million in capital funding toward a new housing project at 3175 Riverwalk Ave.
"This project is a testament to the importance of partnerships between all levels of government and non-profits, and demonstrates the good work that is being done through the Province's commitment of more than $920 million to address housing affordability," said Premier Christy Clark. "Our strong economy means we can support projects like this to help those in greatest need."
The project will be operated by S.U.C.C.E.S.S., an organization recognized as one of B.C.'s largest social service providers. The City of Vancouver will provide the land for the project, valued at approximately $8.5 million.
"S.U.C.C.E.S.S. is very pleased to be a partner with the Province of British Columbia and the City of Vancouver to develop and operate this affordable housing project in the River District," said Queenie Choo, chief executive officer of S.U.C.C.E.S.S. "Through this partnership, we are able to continue our mission in providing different housing solutions to meet the needs of low-and-moderate income people in British Columbia."
"We are proud to be working to address the housing affordability challenges by creating more housing, quickly, efficiently and affordably as possible," said Luke Harrison, director and CEO, Vancouver Affordable Housing Agency. "Riverwalk highlights the importance of community partners, BC Housing and S.U.C.C.E.S.S., coming together to create a new neighbourhood initiative for Vancouver residents on low-to-moderate incomes."
Construction is expected to begin in summer 2017.
Since 2001, the Province has invested $4.9 billion to provide affordable housing for low-income individuals, seniors and families.
The B.C. government has recently committed $920 million to support the construction or renovation of close to 5,300 units of affordable rental housing throughout the province. More than $50 million of this amount already has been allocated to projects that will create 750 new, affordable rental units in Vancouver.
Since 2001, the Province has completed close to 24,000 new units of affordable housing.