Risingconstructioncosts,interestratesanobstacletoaffordbility

Continued from page 1

Avenue by summer 2025

The announced funding also includes a $10 5 million federal grant to the City of Burnaby for at least 21 “deeply affordable, rapidly built” new units, as part of the federal government’s Rapid Housing Initiative, according to Hussen.

Hussen said the affordability on the RHI projects will be “much, much deeper” than 20 per cent below market median, as the federal contribution is 100 per cent of the project’s capital costs More information will come on the project before May

Hussen said the RHI is geared to “the most vulnerable members of our community: those who are experiencing homelessness, or those who are at risk of experiencing homelessness, with at least 25 per cent dedicated exclusively to women-focused housing.”

Burnaby Mayor Mike Hurley said the city’s $31-million contribution to the Catalyst projects shows its commitment to investing in non-market housing

“I think we’re more than showing that we’re a great partner to work with and sending signals to our other partners that we’re here to be a good partner.”

Catalyst president Har- rison said it was a “circuitous route to get here ”

He noted it was chal- lenging to deal with rising construction costs and rising interest rates: “This all had bad effects to how we deliver and create affordable housing,” he said

He added Burnaby’s involvement should prompt other levels of government to invest further

“Alongside this massive contribution that was made by the City of Burnaby, has come a very, very strong voice directly to Ottawa about: It’s time for investment to come to the City of Burnaby, particularly from the federal government, to create more affordable housing ”

Hussen told the NOW there are several factors that go into the decision of which municipalities get selected for the RHI funding (Burnaby is one of 41 recipients in the city stream)

“We look at the pointin-time counts for those facing homelessness; we look at vacancy rates; we look at the average cost of rent; we look at geographical factors and so on,” Hussen said

“But Burnaby has the third highest cost of rent in the country, so they would make an obvious case for inclusion into the city stream of the Rapid Housing Initiative ”