Ottawa is investing $107.5 million in a 215-unit apartment building project on Vancouver’s west side.

The federal investment is in the form of fully repayable low-interest loans through Canada Mortgage and Housing Corporation’s rental-construction finance initiative. Housing Minister Sean Fraser announced the federal investment during a news conference at the development site.

The 19-storey W42 project is located at West 42nd Avenue and Hemlock Street in the Oakridge area, which is undergoing a massive redevelopment tied to the neighbourhood’s mall of the same name. The building will comprise 215 units, including a mix of studio, one-, two- and three-bedroom apartments.

Marcon, a Vancouver-area developer constructing the building, is contributing $6.6 million in cash equity.

The federal investment comes after Ottawa invested $150 million through the same CMHC loan program in three other rental-housing projects on Vancouver’s west side, including two on the University of British Columbia campus.