A Langley City apartment development is receiving $64 million from the federal government as part of a program to increase rental housing stock in Canada.
The announcement was made Thursday in Abbotsford by John Aldag, MP for Cloverdale-Langley City.
Aldag announced funding details for four projects, all under the umbrella of the Rental Construction Financing Initiative (RCFi):
• $64 million RCFi for 213 units at Pennyfarthing Apartments, in the 20200 block of 56th Avenue in Langley; with $9.15 million from Pennyfarthing Homes
• $35.5 million RCFi for Park Suites in Abbotsford
• $18.1 million for The Hub, in Abbotsford
• $62.3 million RCFi for 156 units at the Grove, Surrey
“These purpose-built rental homes in Langley, Surrey, and Abbotsford are an essential part of the solution to the housing crisis,” said Aldag. “Through RCFi, our government can increase its supply of new rental developments so Canadians can live and work in their communities. These projects offer much-needed housing for families and individuals to grow and flourish in these beautiful cities we call home.”
The Pennyfarthing development is in an advanced stage of construction now, and is expected to open to tenants as early as next spring.