Fedspour $123.5Minto affordable rentalhousing

LaurenVanderdeen lvanderdeen@burnabynow com

More affordable rentals are coming to Burnaby

The federal Minister of Housing and Diversity and Inclusion, Ahmed Hussen, came to Burnaby on Monday to announce more than $154 5 million in funding for a total of 358 units of affordable rental housing in Burnaby

Two six-storey rental projects by non-profit developer Catalyst Community Developments Society will get a combined $144-million investment from the federal government and City of Burnaby

The feds are providing more than $113 million through the National Housing Co-Investment Fund, and Burnaby is pitching in more than

$31 million in funding and equity.

The two Catalyst developments are at 7392 16th Ave , with 203 units, and 6889 Royal Oak Ave , with 134 units

Thirty per cent of the units will be rented at 20 per cent below the median market rent, as calculated by the Canada Mortgage and Housing Corp The remaining 70 per cent of units will be rented at 1 3 times the median market rent, according to Catalyst president Luke Harrison.

The median market rent in Southeast Burnaby, according to CMHC, is currently $1,344; in Metrotown it’s $1,527

Both Catalyst developments are currently under construction: Royal Oak is expected to finish by spring 2025 and 16th

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This year’s Holi celebrations at the Hindu Temple Burnaby took place on Sunday, March 12 Here, a participant and his friend show off their colours during the annual festivities, which symbolize the arrival of spring after a long winter and celebrate the triumph of good over evil

PHOTO LARAGRAHAM