PORT COQUITLAM – MLA Mike Farnworth is welcoming 63 new affordable rental homes for people with low-to-moderate incomes coming to his constituency of Port Coquitlam.
Provided by the Building BC: Community Housing Fund, these new affordable rental homes are part of 16 new projects, which will provide a total of 634 new homes across the province. The Port Coquitlam project is being undertaken in partnership with the Metro Vancouver Housing Corporation, and will be located at 2481 Welcher Ave. Construction is expected to begin in February 2021.
“Our government is continuing to prioritize building affordable housing, and I’m proud that we’re delivering these new homes for Port Coquitlam,” said Farnworth. “These new units will provide a place to call home for families, seniors, and other people who might otherwise struggle to find a place to live in our community.”
The Community Housing Fund supports mixed-income buildings. These projects have 50% of units for households with incomes up to $64,000, 30% of units for households with incomes up to approximately $74,000, and 20% of units for households with very low incomes (including those on income or disability assistance).
The Request for Proposals for the current intake of the Community Housing Fund, which launched in May, is open until mid-January 2021. Approximately 3,000 new affordable homes are expected to be funded this intake – the second since 2017. The first seven projects funded through this intake were announced in September 2020.
The Community Housing Fund is part of the BC NDP government’s 10-year $7-billion housing plan. It is an investment of $1.9 billion to build more than 14,000 mixed-income rental homes for moderate- and low-income families and individuals. In two and a half years, more than 5,700 homes are already completed, under construction or in development through the Community Housing Fund program in more than 45 communities.