An eight-figure financial boost will help New Westminster build more than 2,300 new units by 2027, the city says.
In a news release, the City of New Westminster says it has received $11,428,628 from the Canadian Mortgage and Housing Corporation's (CMHC) Housing Accelerator Fund which will help increase local housing variety and availability.
“The City of New Westminster is committed to ensuring we have available housing to meet the diverse needs of our community," Mayor Patrick Johnstone said.
"That means filling the gaps in the housing supply as quickly as possible, and ensuring our processes and policies are updated to facilitate that goal. We thank the Canadian Mortgage and Housing Corporation for their recognition of our efforts and providing this significant contribution to help us meet our strategic priority outcomes."
More than 2,000 of the builds will be new multi-family units, mostly near SkyTrain stations and roughly 200 will be infill housing units.
The city says nine per cent of the new homes will be affordable units.
The funding program began in April 2023 and is set to expedite the construction of 100,000 new housing units across the country.
The city says several initiatives have been outlined in a new action plan:
- Development Approval Process Acceleration
- Redesign the development application process to improve efficiency and shorten review timelines
- 22nd Street Station Area Bold Vision
- Develop a climate-friendly vision that will guide future higher density development.
- Infill Housing Acceleration
- Proactively rezone single detached dwelling properties to permit up to six residential units, in alignment with provincial housing legislation
- Townhouse Acceleration
- Proactively rezone land to make it easier to construct new infill townhouses. Investigate allowing larger units and lock-off units
- Affordable Housing Acceleration
- Amend the Official Community Plan and Zoning Bylaw to allow affordable housing as-of-right in residential zones for non-profit organizations
- Inclusionary Housing Acceleration
- Update the inclusionary housing policy to enable the creation of affordable rental units.
- Family Friendly Housing Acceleration
- Amend the Family Friendly Housing Policy to increase the required minimum of family-friendly units mandated for new projects
“Through innovation and collaboration with local governments, we can build the housing we need in our cities and create inclusive and diverse communities," Terry Beech, Burnaby North-Seymour MP and Minister of Citizens' Services, added in the release on behalf of federal housing minister Sean Fraser.
"Teaming up with New Westminster through the Housing Accelerator Fund exemplifies this approach. Partnership is the new leadership, and we will continue to work to make life affordable and build strong communities in British Columbia and across Canada."
