A new partnership between all three levels of government and non-profit housing operators will create 358 new units of new affordable rental and co-op housing in the Vancouver Eastside area.
One of the projects will be built in the Kensington Cedar Cottage area at 1700 Kingsway while the remaining three developments will be built in Killarney along the Fraser River, just west of the East Fraserlands, at 2910 East Kent Avenue, 2780 Southeast Marine Drive, and 2800 Southeast Marine Drive.
The City says the Killarney projects will designated for families and seniors, with 182 two and three bed units for families and 108 units for seniors. On the other hand, the single Kingsway project will be purposed for low-income single individuals.
“The Community Land Trust is a great example of partnership between the City, the provincial and federal governments, and non-profit organizations working together to find innovative new ways to create much-needed affordable housing in Vancouver,” said Mayor Gregor Robertson in a statement.
All of the projects are being led by the Community Land Trust Foundation and funded by a number of stakeholders at a cost of $140 million, including $24.7 million from the City of Vancouver for the land needed to build the projects and $90.3 million from the provincial government towards construction costs.
“The Province welcomes innovative partnerships and opportunities that result in the creation of new, affordable housing,” said Rich Coleman, Minister Responsible for Housing. “Many individuals and families will soon have access to quality, affordable homes and this is a direct testament to the strength of our partnership with the federal government, City of Vancouver, the Land Trust and our community partners.”