PORT
MOODY, BC, May 17, 2024 /CNW/ - 328 new affordable
rental homes for families, seniors, and Indigenous peoples are
under construction in Port Moody.
Today, the federal and provincial governments announced a combined
investment of more than $201 million
towards the project.
Located at 296 Angela Drive in Port
Moody, The Creek is the first phase of a larger multi-phase,
23-acre development called Portwood.
The Creek will have three six-storey apartment buildings with
one-, two- and three-bedroom homes. Sixty-six of these homes will
be fully accessible and 166 will be adaptable for future
accessibility needs. Rental rates will be determined closer to the
opening of the buildings, however, they will be below-market
rates.
The project is a partnership between the federal government, the
Province, EDGAR Development, the City of
Port Moody, M'akola Housing Society, and Entre Nous Femmes
Housing Society.
The Creek will be operated by M'akola Housing Society in
partnership with Entre Nous Femmes Housing Society. BC Housing,
through the Provincial Rental Housing Corporation, will own the
apartments and will lease them to M'akola for a nominal fee over a
60-year term.
Portwood is Port Moody's first
master-planned development since 2004. The redevelopment will take
place over the next 15-20 years, transforming the site into a
master-planned, well-served community with an innovative mix of
housing, two new city parks, childcare spaces, and retail
stores.
Completion of the Creek is expected in late 2026. Residents will
be selected through the M'akola Housing Society and Entre Nous
Femmes Housing Society's application process in unison with the BC
Housing Registry.
Funding provided for this project is as follows:
- $16.4 million contribution and a
$122.8 million fully repayable loan
from the federal government, through the Affordable Housing
Fund.
- $19.9 million of joint funding
from the federal and provincial governments through the
Canada - British Columbia
Bilateral Agreement under the National Housing Strategy.
- The Province, through BC Housing, is contributing a "deepening
affordability" grant of $10.6 million
and an "investment in housing innovation" grant of $2.3 million.
- The Province, through BC Housing, is also contributing the land
valued at $28.5 million that was
gifted to the Provincial Rental Housing Corporation by Edgar
Development. This land was secured for affordable housing through
Edgar's rezoning application to the City
of Port Moody.
- The City of Port Moody
approved a development cost Charges (DCC) reduction of more than
$560,000.
Quotes:
"The peace of mind that comes with having a secure and stable
home is invaluable. This is why the federal government is glad to
support the creation of these 328 new units which will provide
families, seniors and Indigenous peoples in Port Moody with affordable and quality
housing. Everyone deserves a safe place to call home, and through
the National Housing Strategy, we are committed to making that a
reality for all Canadians." – Ken Hardie, Member of
Parliament for Fleetwood-Port Kells
on behalf of the Honourable Sean Fraser, Minister of
Housing, Infrastructure and Communities
"With the building of these 328 below-market homes, more people
in the community will have access to homes within their reach,
bringing more peace of mind and stability in their lives. We know
that high costs of housing are currently taking a toll on many
people in Port Moody and
throughout B.C., and these homes will provide relief to people so
they can thrive in the community they call home."– Ravi
Kahlon, BC Minister of Housing
"Many people in Port Moody are
struggling to find places to live that fairly match their budget
and meet their needs, and we have to find ways to build these homes
as soon as possible. That's why it's great to see that below-market
homes were prioritized and are being built in the early phase of
this development." – Rick
Glumac, Member of the Legislative Assembly for Port Moody-Coquitlam
"We are very pleased to see these affordable homes coming to
Port Moody. This project
prioritizes diverse and equitable housing options, which is one of
the objectives in our Council's Strategic Plan. We're also pleased
to be a part of this unique public-private partnership. By working
together in new ways, we can ensure that Port Moody has a mix of housing that meets the
diverse needs of current and future residents." – Meghan Lahti, Mayor City of Port
Moody
"Entre Nous Femmes Housing Society is honoured to collaborate
with M'akola Housing Society on this transformative, affordable
housing initiative in Port Moody.
Our partnership reflects a shared vision for creating a lasting
positive impact, and we look forward to contributing to the
continued growth and sustainability of Port Moody." – Lilian Chau, CEO, Entre Nous Femmes Housing
Society
"It takes a village to build affordable housing in today's
environment, and this is a great example of the public and private
sectors working together with BC Housing to deliver housing. This
new affordable rental offering is part of the 23-acre,
master-planned Portwood community that will include more than 2000
new homes, childcare, parks and walking and bike paths. Together,
this collaborative effort contributes to delivering a significant
number of much-needed affordable homes in Port Moody." – Matthew McClenaghan, President of EDGAR
Development
"M'akola Housing Society is pleased to be serving the community
of Port Moody by providing over
300 affordable homes to Indigenous and non-Indigenous Elders,
seniors, couples and families. We are proud to partner with Entre
Nous Femmes Housing Society to bring much needed affordable housing
to Port Moody." – Kevin Albers, CEO, M'akola Housing
Society
"This development in Port Moody
is evidence that when everyone works together, we can make a
difference for those most in need of housing. We celebrate our
member, M'akola for their collaborative approach to housing.
Partnerships are powerful for creating equitable urban solutions to
housing and M'akola are experts at working with multiple partners
to support the delivery of affordable housing that includes
Indigenous people." – Margaret
Pfoh, CEO, AHMA
Quick facts:
- The Affordable Housing Fund (AHF) is part of
Canada's National Housing
Strategy (NHS), an $82+ billion plan to give more Canadians a
place to call home. Progress on programs and initiatives are
updated quarterly at http://www.placetocallhome.ca.The Housing
Funding Initiatives Map shows affordable housing projects that have
been developed.
- As of December 31, 2023,
the Government of Canada has
committed over $42.99 billion to
support the creation of almost 135,000 units and the repair of over
270,000 units. These measures prioritize those in greatest need,
including seniors, Indigenous Peoples, people experiencing or at
risk of homelessness, and women and children fleeing
violence.
- The Affordable Housing Fund, previously the
National Housing Co-Investment Fund (NHCF), provides
funding through contributions or low-interest and/or forgivable
loans to partnered organizations for new affordable housing and the
renovation and repair of existing, affordable and community
housing. This is a $13.2 billion
program under the National Housing Strategy (NHS) that
gives priority to projects that help people who need it most,
including women and children fleeing family violence, seniors,
Indigenous peoples, people living with disabilities, those with
mental health or addiction issues, veterans, and young
adults.
- As of December 31, 2023,
the Government of Canada has
committed over $8.17 billion to
support the creation of over 32,000 units and the repair of over
155,000 units through the Affordable Housing Fund.
Additional Information:
- Visit Canada.ca/housing for the most requested Government of
Canada housing information.
- CMHC contributes to the stability of the housing market and
financial system, provides support for Canadians in housing need,
and offers unbiased housing research and advice to all levels of
Canadian government, consumers and the housing industry. CMHC's aim
is that everyone in Canada has a
home they can afford and that meets their needs. For more
information, follow us on Twitter, Instagram, YouTube, LinkedIn and
Facebook.
- To find out more about the National Housing Strategy, please
visit www.placetocallhome.ca.
- To learn about B.C.'s new Homes for People action plan, visit:
https://news.gov.bc.ca/releases/2023HOUS0019-000436
- To learn about the steps the Province is taking to tackle the
housing crisis and deliver affordable homes for British Columbians,
visit: https://strongerbc.gov.bc.ca/housing/
SOURCE Government of Canada