VANCOUVER - People in Vancouver will soon have access to 337 affordable homes, with construction underway on a new development in the East Fraser Lands River District.

"This project will be life-changing for hundreds of people in the community, giving them the peace of mind that comes with having a secure, affordable place to call home," said George Chow, MLA for Vancouver-Fraserview. "We know there's more work to do, and it's why we are addressing the need for more affordable homes in Vancouver, and throughout the province."

Located at 3338 Sawmill Cres., the 337-unit project will provide 220 rental homes and 117 co- operative homes. The development will have one six-storey building and a 26-storey tower. Once complete, these buildings will provide studio, one-, two- and three-bedroom homes for moderate- and low-income individuals, families and seniors. Nearly 70 of the units will offer three bedrooms, making this development well-suited for families.

The development is a partnership between the Province, through BC Housing, the City of Vancouver and the Community Land Trust Foundation of BC (CLT). The new homes will be operated by CLT, in partnership with its housing co-operative and M'akola Housing Society. These new homes are expected to be completed in fall 2024.

"Community Land Trust's newest housing development in the River District will add to our commitment to provide safe and secure places for people to call home," said Tiffany Duzita, executive director, Community Land Trust Group of Societies. "We are excited to welcome another 117 co-operative housing homes to the neighbourhood and to partner with M'akola Housing Society to operate 220 affordable rental homes."

Half of the units will have rents geared to income, where rent will be 30% of the household's income. Some of the units will be rented to people with very low incomes, such as those receiving income or disability assistance. Others will be at or below market rent.

The Province is contributing approximately $36.8 million from the Building BC: Community Housing Fund for the project and will provide annual operating funding of approximately $1.8 million. The City of Vancouver is providing the land under a nominal lease to CLT, and approximately $10 million in development cost charge waivers.

"M'akola Housing Society's first housing development in the City of Vancouver marks an important and exciting milestone for our society," said Kevin Albers, CEO, M'akola Housing Society. "We look forward to bringing our approach in the provision of safe, affordable housing opportunities to our newest residents in the River District and to working in partnership with the Community Land Trust."

This project is part of B.C.'s 10-year, $7-billion housing plan. Since 2017, the Province has funded more than 32,000 affordable new homes that have been completed or are underway for people in B.C., including nearly 7,600 homes in Vancouver.

Quick Facts:

• The Community Housing Fund is a provincial investment of $1.9 billion to build more than 14,000 affordable rental homes for low- and moderate-income families and individuals over 10 years.
• Nearly 8,800 of these homes are already open, under construction or in development.

Learn More:

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/