Construction begins on new rental homes in Langley
LANGLEY - Construction has started on Park Vista in Langley, a new building with 62 rental homes designed to be affordable for families, seniors and people with middle incomes.
"Park Vista will ensure residents can stay in their community and live close to friends and family," said Andrew Mercier, MLA for Langley. "Thank you to Crossroads Enterprises for working with us to develop a project that will make a real difference in the lives of people who call Langley home."
Located at 5605-201A St., Park Vista will be a five-storey wood-frame building with a mix of one-, two- and three-bedroom homes. The development will have 85 underground parking stalls and two bicycle storage rooms, as well as a large children's play area and garden pavilion with a roof deck and outdoor lounge. The homes are designed to be affordable for households with incomes between $65,143 and $117,333.
Park Vista is being built in partnership with Crossroads Enterprises Ltd. through BC Housing's HousingHub program. HousingHub was created in 2018, and works with communities and non- profit and private-sector developers to increase the supply of rental housing and homeownership options for middle-income British Columbians.
The Province does not directly fund HousingHub projects and instead makes low-cost financing available to developers to build new housing. Through HousingHub, developers receive loans with lower interest rates than would otherwise be available. The developers commit to pass construction-cost savings on to prospective tenants and homeowners through more affordable rents and homeownership opportunities.
The Province is providing approximately $19.7 million in low-interest financing for this project, which will be repaid with interest by Crossroads Enterprises Ltd.
"Crossroads Enterprises is proud to be partnering with the Province to bring a unique new rental building to the city of Langley," said Mike Guiel, president, Crossroads Enterprises Ltd. "As a long-time resident of Langley, I know these are much-needed homes."
Construction is expected to be completed in winter 2023.
"The City of Langley is delighted to welcome more supply of new rental housing for all generations - from young adults, couples, young families and single parents to seniors who choose to age in place," said Val van den Broek, mayor, City of Langley. "One of the significant components in the recently updated official community plan was to grant incentives for purpose-built rental and non-market housing. This project is one of our community's newest housing project additions, and we look forward to more partnerships that provide housing for residents who call Langley City home."
Park Vista is part of B.C.'s 10-year, $7-billion housing plan. Since 2017, the Province has funded nearly 34,000 affordable new homes that have been completed or are underway for people in B.C., including more than 530 new affordable homes in Langley.
For more information about HousingHub, visit: https://news.gov.bc.ca/releases/2021AG0025- 000720
A map showing the location of all announced provincially funded housing projects in B.C. is available online at: https://www.bchousing.org/homes-for-BC