The Sheperd of the Valley Lutheran Church is partnering with Catalyst Community Developments to build a new affordable rental housing complex for seniors in Langley on a portion of the church’s land that is currently vacant. Once complete, the building will provide safe and comfortable homes for seniors in need of affordable housing, allowing them to live independently in the community. In addition, some of the rental homes will be available for low- to moderate-income families at 10-30% below market. It is anticipated that this project will be completed in early 2020. Vancity Community Foundation provided a grant to Sheperd of the Valley Lutheran Church to complete concept and feasibility planning that enabled the project to move forward with development and to secure funding and financing, including support from BC Housing and a Vancity Pre-Development Loan.
Shepherd of the Valley Lutheran Church will:
- Develop 82 apartments and town homes primarily for seniors and some families
- Ensure affordability at 10-30% below market
Expansion of Impact Real Estate Pre-Development and Pre-Construction Loan Program
In 2011, Vancity Credit Union, the Vancity Community Foundation, and the Greater Vancouver Community Assistance Foundation established the Impact Real Estate Pre-Development Loan Program to fill a key capital gap faced by affordable housing projects. This program provides inexpensive and easy-to access loans to cover soft costs associated with rezoning and development permit application processes during the pre-development phase of a project when capital is often hard to secure. These loans help advance project development planning and decrease project risks so that organizations are able to secure financing and other capital required for construction. In 2017, with an investment from the Canadian Mortgage and Housing Corporation’s Affordable Rental Housing Innovation Fund, the program expanded and introduced a new Pre-Construction loan that provides additional and longer-term capital into non-profit affordable rental housing initiatives.