The federal government is investing $267 million in the construction of 693 purpose-built rental-housing units in suburban Vancouver.

Ottawa said it will provide the funds through fully repayable low-interest loans from the Canada Mortgage and Housing Corporation. The 693 units will span three properties, two in Coquitlam and one in Port Coquitlam.

Private and public partners include the B.C. government, City of Port Coquitlam, Dogwood Holdings Society, Cotton Avenue Limited Partnership and Marcon Dogwood Properties Ltd.

The 2471 Gately Avenue project in Port Coquitlam will comprise 300 units in three six-storey buildings. The B.C. government is providing $1.5 million for a child care centre through a provincial fund for new child care spaces.

The Meridian, located at 515 Cottonwood Avenue in Coquitlam, will contain 267 units that include one-, two- and three-bedroom homes.

The 710 Dogwood Street low-rise development will contain 126 suites.

The three projects are located near rapid-transit lines. All three partners are slated to be completed by 2025.

Photo: CNW Group/Government of Canada