Quote:
Originally Posted by Sheba
According to the details on that link the province is providing money as a grant, the city is providing the land and a grant, and CMHC is providing a grant.
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Here are two of the projects: Catalyst Community Developments Society are dveloping 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.
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 (mainly as the land contribution). BC Housing are providing $27m for the two projects.