The federal government announced on Thursday (Nov. 16) nearly $180 million to build 590 rental homes across four projects in Abbotsford, Langley and Surrey.
The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made at The Hub at 3070 Gladwin Rd. in Abbotsford by Cloverdale-Langley City MP John Aldag on behalf of federal housing minister Sean Fraser.
Also on hand was Lara Holtby, chief financial officer at Wiebe Properties in Abbotsford.
The Hub contains 64 units and a 9,000-square-foot amenity centre on the ground floor with a gym and fitness centre, multi-purpose room, lounge areas, a business centre with working spaces, guest suites for friends and family, and an outdoor patio.
Construction of The Hub is expected to be complete in summer 2024.
Next to The Hub –also by Wiebe Properties – is Park Suites, located at 3030 and 3040 Gladwin Rd., which was completed in 2022. Park Suites spans two buildings and 157 units.
Both The Hub and Park Suites are part of Central Park Village, a community spanning 9.5 acres.
The RCFi funding commitment from the federal government includes $35.5 million for Park Suites and $18.1 million for The Hub.
Also announced through the project is $64 million in RCFi funding for 213 units at Pennyfarthing Apartments at 20234 56th Ave.in Langley. Another $9.15 million is coming from the developer, Pennyfarthing Homes.
The Grove at 16622 24th St. in Surrey will receive $62.3 million through the RCFi for 156 units.
“These purpose-built rental homes in Langley, Surrey, and Abbotsford are an essential part of the solution to the housing crisis,” Aldag said.
“Through RCFi, our government can increase its supply of new rental developments so Canadians can live and work in their communities. These projects offer much-needed housing for families and individuals to grow and flourish in these beautiful cities we call home.”
The federal government introduced the RCFi to build more rentals in response to the country’s growing population and declining rental stock.
The 10-year plan calls for a total investment of $82 million for more than 71,000 rental units across the country.