$16.3 million in funding for new permanent affordable housing has been earmarked for the City of Surrey.
The injection of money is a result of the federal government’s Rapid Housing Initiative and will create a minimum of 33 units of new permanent affordable housing in Surrey.
“In order to affect real change in affordable housing, senior levels of government have to step up and partner with municipalities on this front,” said Mayor Doug McCallum. “That is exactly what the federal government has done with the Rapid Housing Initiative. The projects that will be created by this funding will not only help alleviate some of the pressing needs surrounding affordable housing now, but it will be of great value in positioning us for the future. As one of the fastest growing cities in the country, I am very pleased that Surrey has been identified to receive federal funding from this very worthwhile housing initiative.”
The Rapid Housing Initiative is delivered through the Canada Mortgage and Housing Corporation and the funds can go to cover the construction of modular housing, the purchase of land and the conversion of existing buildings to affordable housing. “I would like to thank the federal government for stepping up to fund such an important initiative,” said Cllr Laurie Guerra, Board Chair of the Surrey Homelessness and Housing Society. “This program is indicative of the partnerships we need at every level of government to help solve the affordable housing issue that we face in the Lower Mainland.”
City staff will begin work on an investment plan to outline the proposed capital projects. Upon approval of the plan, construction will be completed within 12 months of the finalization of the funding agreement.
