Through the federal government’s Rapid Housing Initiative, the City of Surrey will be getting $16.3 million for affordable housing.
Announced Tuesday (Oct. 22), Surrey will be getting the funding for “a minimum” of 33 units of new permanent affordable housing.
“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,” said Mayor Doug McCallum. “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.”
According to the city, the Rapid Housing Initiative is funded through the Canada Mortgage and Housing Corporation, and the fund “can go to cover the construction of modular housing, the purchase of land and the conversion of existing buildings to affordable housing.”
The city says it will begin work on an investment plan to outline the proposed capital projects, and upon approval, “construction will be completed within 12 months of the finalization of the funding agreement.”
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