DESCRIPTION
Non-profit organization Soroptimist International Vancouver and Vancouver-based developer Purpose Driven Development partnered to deliver an innovative redevelopment project that will bring 135 affordable rental homes to workforce women, senior women and women-led families in a central, transit-oriented location in Vancouver. Demonstrating the leadership of women in a male-dominated sector is the first development project in Western Canada being developed, designed and delivered by a team composed entirely of highly-qualified women. The new Soroptimist House will help to close the glaring gap in the housing needs of women by providing affordable, intergenerational, “Housing for Women By Women”. This project is delivering 135 secure, long-term rental homes for workforce women, senior women and women-led families in need and is designed, developed and delivered by women. This project is creating housing options to fulfill the needs of the community by supporting women and their families in achieving financial independence and housing security.
DETAILS
Affordability Framework
This project is delivering 135 new homes with 50% (67 homes) at Rent Geared to Income; 20% (27 homes) at Deep Subsidy (shelter rate); 30% (41 homes) at 10% below market rent
Target Completion Date
September 1, 2026
Populations Served
Women in Need
Total Project Cost
$84,649,960
Total Units
135
Affordable Units
135
Populations Served - Notes
Workforce women, senior women and women-led families in need
Project Funding
Funding Required
Currently 8 months from construction completion and occupancy, the project is seeking support to close a critical Last Mile funding gap of $250K.
Funds Raised
The following funds have been secured to date:
City of Vancouver Grant & City of Vancouver DCC Waiver: $9,008,377
CMHC Co-Investment Grant: $9,940,000
BC Housing Grant: $14,136,750
BC Housing Construction Loan: $50,499,833
FCM Grant: $175,000
CMHC SEED Contribution: $140,000
TOTAL SECURED: $83,899,960
Use of funds
Due to rising construction costs, third party off-site utility works delays, and unanticipated ground conditions (large rocks) found at the start of construction, the project has incurred significant change orders, resulting in a Last Mile funding gap. The project team has successfully closed the majority of this gap through careful budget management and value-engineering throughout construction, however there is still a gap of $250K remaining.
Funds will enable the project to complete construction. If there are funds remaining upon completion, these will go toward purchase of furniture and equipment for amenity spaces for resident livability.
MAP
