A 91原创 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-91原创 City.

Aldag announced funding details for four projects, all under the umbrella of the Rental Construction Financing Initiative (RCFi):

鈥� $64 million RCFi for 213 units at Pennyfarthing Apartments, in the 20200 block of 56th Avenue in 91原创; with $9.15 million from Pennyfarthing Homes

鈥� $35.5 million RCFi for Park Suites in Abbotsford

鈥� $18.1 million for The Hub, in Abbotsford

鈥� $62.3 million RCFi for 156 units at the Grove, Surrey

鈥淭hese purpose-built rental homes in 91原创, Surrey, and Abbotsford are an essential part of the solution to the housing crisis,鈥� said Aldag. 鈥淭hrough 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.鈥�

The Pennyfarthing development is in an advanced stage of construction now, and is expected to open to tenants as early as next spring.

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