Federal Government housing funding announcement made for the Tri-Cities region

On Tuesday October 10 the media was invited out to the Gately Avenue in Port Coquitlam to cover a funding announcement being made by the federal government.

Ron McKinnon, MP for Coquitlam - Port Coquitlam, speaking on behalf of the Housing Minister Mr. Ravi Kahlon, was at the announcement for Westminster Junction where the operator, the Affordable Housing Societies, will receive $96 million in Rental Construction Financing Initiative loans for 300 residential units now under construction.

Mr. McKinnon informed those present that the federal government had committed to investing $267 million in the form of repayable low interest loans through the Rental Construction Initiative. The aim of the initiative is to build 693 purpose built rental homes across three projects here in the Tri-Cities, two in Coquitlam and the Gately project in Port Coquitlam.

As with most of Canadian urban centers, the lower mainland's population has surpassed housing supplies for decades. Mr. McKinnon sees rental housing as an important first step toward home ownership and a fundamental part of all healthy and inclusive communities.

$1.5 million of the federal funding is earmarked for the construction of a 33-space daycare, to be run by the Atira Women's Resource Society. Funding for Westminster Junction is also coming in from the City of Port Coquitlam ($300,000) and Dogwood Holdings Society ($28.9 million in cash and land equity).

Port Coquitlam's acting Mayor, Glenn Pollock, thanked the federal government and the Affordable Housing Society for their partnership in this project which he feels is ideally situated due to it's proximity to rapid transit, shopping centers, and local parks.

Speaking on behalf of the Affordable Housing Society, CEO, Stephen Bennett also thanked all the partners involved and said he was looking forward the the opening of the first of three buildings in the Gately Ave site scheduled for 2025.

When asked why the federal funding was in the form of a low interest loan rather than a grant, Mr. McKinnon defended the program as the only option available at this time but suggested that grants may be an alternative in the future.

Mr. Pollock was also queried on Port Coquitlam's efforts to provide low income housing. Mr. Pollock extoled the virtues of one 27 unit complex that has been made available to help address the issue but this is a far cry from what is needed in the region.