BRITISH COLUMBIA – The federal government announced more than $145 million in contributions and low-cost loans through the Affordable Housing Fund (AHF) to help build and repair more than 2,600 affordable homes on Vancouver Island and across British Columbia.
The announcement took place at the Woodlands at Dawson Heights, at 3700 Cedar Hill Road, which received $4.25 million to build 85 homes and will be operated by Dawson Heights Housing Society. The building will have one- and two-bedroom suites for seniors over 55 on fixed, moderate-, and low-incomes, and is conveniently located near grocery stores, parks, pharmacies, and other amenities.
This new development replaces Dawson Height’s former cottages, which were located on the current site, and is the third and final development for the Dawson Heights Campus. The building will be constructed with accessibility in the design. Construction is scheduled for completion in late 2024.
The federal funding is helping create a total of 1,082 new homes and is leading to the repairs of 1,579 homes. The Affordable Housing Fund (AHF)provides funding through low-interest and/or forgivable loans or contributions.
In an effort to support the Government’s work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework which intends to help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
Organizations who qualify may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.
Appendix: Projects receiving funding under AHF can be seen here
