In Mr. Pomeroy’s analysis, rents for projects supported by CMHC in the Vancouver area could have gone as high as $2,150, in 2017 dollars, even though average local rents at that time were only $1,650.
NDP MP Jenny Kwan, who represents the East Vancouver riding in which the Anhart project is located, has been raising concerns about the Rental Construction Financing Initiative for months. This latest development, she said, has confirmed her worst fears.
“This was a non-profit trying to deliver affordable units. But non-profits are not really able to get access to this money for the community,” she said. She added that Anhart is in an unusual position because it received conditional approval for a loan and then had it rescinded. She has heard from other housing groups that simply haven’t applied, or were rejected because they didn’t meet the program requirements.