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Pacific Canada  + Canada  + Multi-residential Housing  | 
Apartments under construction.

Feds Invest $36M to Fast-Track 1,000 Richmond Rental Units

The federal government has reached an agreement with the City of Richmond to fast-track the development of 1,000 new rental housing units in the next three years.

Ottawa will provide the city with $36 million from the Housing Accelerator Fund (HAF) administered by the Canada Mortgage and Housing Corporation.

“The funding will help the city implement eight specific initiatives to fast-track the creation of new housing units which will span the range of affordable home ownership — from market rentals, to non-market and low-end market rentals, to those needing supportive housing,” Richmond Mayor Malcolm Brodie said in a news release.

“Through council’s steadfast commitment to existing and evolving strategies, policies and actions, our goal continues — to facilitate residential communities that are affordable and desirable to live in, with the amenities that fit peoples’ needs for sustainable and healthy living.”

In addition to fast-tracking development applications, the city will provide grants to support building new rental homes, co-operative housing and co-housing communities, and create an affordable home ownership program. The funding will also support a number of zoning reforms, local area plans and permitting-process optimization through the use of technology and software.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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