The federal government is investing $150 million in three multi-residential real estate development projects on Vancouver’s west side.

Ottawa’s investment is mainly in the form of three fully repayable low-interest loans through Canada Mortgage and Housing Corporation’s rental-construction finance initiative. The three projects comprise more  than 364 purpose-built rental homes, according to a federal news release.

Two projects are located on the University of British Columbia campus.

The largest federal outlay went to the off-campus 19 on the Greenway project under construction at 3619 and 3681 Arbutus Street. The project’s developer, PCI Developments, furnished $30.7 million in cash equity.

The two UBC projects, which are faculty and staff housing developments, have already been built.

The 110-unit received a $44.2-million loan from CMHC, while Natural
Resources Canada contributed $3.5 million. Meanwhile, the 136-unit Mundell House obtained $46.4 million in federal financing.

UBC provided Evolve and Mundell House with $15.1 million and $23.6 million, respectively, in land equity.