Ottawa/Victoria/Abbotsford – The Apartment Construction Loan Program (ACLP) provides fully repayable low-interest loans to catalyse the construction of more rental units for middle-class Canadians. On November 13, the federal government, along with the Province of British Columbia, the City of Abbotsford and Affordable Housing Societies announced approximately $72 million in federal funding to help build 234 secure rental homes through two projects in Abbotsford.
The announcement was made at 2946 Horn Street, where 104 new rental homes are being constructed for middle and moderate-income families, seniors and individuals. This is the first project under construction being delivered through the historic Canada – BC Builds Agreement where both governments commit a combined $4 billion in repayable loans to deliver more housing and more affordability than either could achieve alone. The project will include a mix of one-two and three-bedroom homes to fit the diverse needs of residents. There will also be indoor and outdoor community amenity spaces, and new walking trails that provide easy access to schools in the neighbourhood.
The Province, through BC Builds at BC Housing, is providing a $13.2-million grant to support the development of these homes. This investment is part of the Province’s broader $19-billion housing strategy and reflects its commitment to delivering attainable housing for middle-income families, seniors, and individuals.
Montecito, the second project receiving federal funding, will provide an additional 130 new rental homes for Abbotsford. Located at 32123 George Ferguson Way, the homes will be designed to meet the changing needs of residents and include a number of smaller self-contained units that are highly sought after by a range of demographics.
The announcement was made by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Ernie Klassen, Member of Parliament for South Surrey – White Rock, Ross Siemens, Mayor of Abbotsford and Stephen Bennett, Chief Executive Officer, Affordable Housing Societies.
Funding for these projects are as follows: 2946 Horn Street
- $31.7 million from the federal government, through the National Housing Strategy’s Apartment Construction Loan Program (Canada – BC Builds carve out)
- $13.2 million though BC Builds grant
- $9.8 million in cash and land equity from Affordable Housing Societies
Montecito – 3123 George Ferguson Way
- $40 million from the federal government through the Apartment Construction Loan Program
- $7.3M in cash and land equity from Wiebe Properties
- $457,218 from the City of Abbotsford
