Burnaby residents recently moved into 203 units of newly built non-market housing, following the completion of another housing project developed on City-owned lands.
“These are the types of developments that our community desperately needs – affordable housing, geared towards people with low and moderate incomes,” said Mayor Mike Hurley. “I’m thrilled that over the last two months, we’ve added hundreds of non-market units in Burnaby, and we’re committed to continuing that push with even more projects in the pipeline.”
The six-storey apartment building at 7392 16th Avenue was built through a partnership between the City of Burnaby, Catalyst Community Developments Society and the Canada Mortgage Housing Corporation (CMHC).
The City provided land and a grant from the Community Benefit Bonus Affordable Housing Reserve. The project also received grant funding through CMHC, and low-interest financing through the CMHC Affordable Housing Fund (AHF), formerly the National Housing Co-Investment Fund (NHCF) program.
Some of the units will also be used to support Burnaby’s Tenant Assistance Policy. Burnaby tenants displaced by redevelopment are able to apply to live here while their new building is under construction. Once complete, the tenants will have the right to return to their redeveloped building at the same rent (plus any Residential Tenancy Act rent increases) in a unit with the same number of bedrooms.
7392 16th Avenue is the eighth housing project to reach occupancy through Burnaby’s City Lands for Non-Market Housing program. A total of 645 non-market units have been created through this program to date, with three more housing developments currently under construction and six others under review.
Learn More: City Lands for Non-Marketing Housing
Quotes:
The Honourable Terry Beech, Member of Parliament for Burnaby North – Seymour
“Today, 203 families and individuals in Burnaby are starting a new chapter with a safe, secure place to call home. This project is more than just a building; it’s a foundation for brighter futures, where children can grow, and people can build their lives. Investing in housing means investing in the well-being of our communities, and this is just the beginning. We remain committed to working alongside our dedicated local partners to address the ongoing needs of Burnaby residents."
Scott Dutchak, President, Catalyst Community Developments Society.
"The opening of 7392 16th Avenue marks an exciting milestone for Catalyst and for Burnaby. As our largest project to date with 203 homes, it reflects our deep commitment to providing housing that fosters long-term community stability. This development is the result of strong partnerships and a shared vision for a more inclusive Burnaby, and we’re proud to see it come to life."