November 9, 2021
Vancity and Vancity Community Foundation have proudly partnered with the City of Vancouver and Government of Canada to invest in two new affordable housing projects developed by Catalyst Community Developments Society, a non-profit affordable housing developer. Aspen, a 145-unit building located at 188 East 6th Avenue in Vancouver, offers a mix of studio, one-, two-, and three-bedroom units in the popular Mount Pleasant neighbourhood. Also opening is five-storey residential building Alder, which creates 119 new rental units in an area in need of housing options. These projects are geared towards middle-income individuals and families, with 70% of the units being rented at below-market rates and the remaining 30% being at or under the Housing Income Limits.
Vancity Community Foundation's mission is to work with individuals and organizations to help build a society that is more inclusive, just, and sustainable. One way to achieve this goal is to increase access to and availability of affordable housing and facilities for individuals and families to meet a range of community space needs. The Vancity Affordable Housing Accelerator Fund, co-managed by Vancity Credit Union and Vancity Community Foundation, provided a total of $2.75 million in pre-development financing and $1 million in pre-construction equity financing to Catalyst to support the development of these two housing projects. The Accelerator Fund provides low cost capital to support affordable climate-ready rental housing developments for low to moderate income households.
"Access to affordable homes is a driver of economic self-reliance and the Aspen project is an example of how public and private partnerships can create more affordable, climate-ready and equitable neighbourhoods," commented Allison Felker, Interim Executive Director of Vancity Community Foundation. "Vancity is proud to partner with CMHC [Canada Mortgage and Housing Corporation], Catalyst and Vancouver Affordable Housing Agency to help tackle the severe affordability crisis and housing shortages."
To support the Vancity Community Foundation's affordable housing strategy, please visit: Donate (vancitycommunityfoundation.ca)
Read the full press release here.