Victoria is giving $226 million to Metro Vancouver Housing to build about 670 more below-market rental homes, including at two sites in Coquitlam.
The provincial money injection — delivered through BC Housing — is the second phase in a Memorandum of Understanding (MOU) signed last spring with the regional authority, which is contributing land and cash equity valued at more than $367 million for Phase 2; it’s also trying to secure federal funds for its projects.
The first roll-out saw the government commit $158 million over three years for five sites around the region. The second phase projects identified are at:
- 1144 Inlet St., Coquitlam
- Malaspina Village Phase 2
- 100 Nelson St., Coquitlam
- Park Court
- Old Dollarton Road and Riverside Drive, North Vancouver
- Riverside Drive
- 2933 Heather St., Vancouver
- Heather Place C
The two-year money comes as the province clamps down on Metro Vancouver and B.C. municipalities in a bid to get more homes up during the housing crisis.
Metro Vancouver Housing is one of the biggest non-profit housing providers in B.C. with more than 3,400 affordable rental homes on 49 sites for nearly 10,000 people.
Details for a third funding phase, to create more affordable homes starting in 2028, have yet to be announced.
“Phase 2 is a welcome project bringing safe, affordable housing to our community,” said Fin Donnelly, MLA for Coquitlam-Burke Mountain, who is not seeking re-election in October.
“I’m happy to see this partnership between the province and Metro Vancouver, which will make a significant and real difference to the people in Coquitlam.”
