The federal government’s contribution is $45.8 million from the National Housing Co-Investment Fund, with $18.5 million as a contribution and $27.3 million as a repayable loan.
The provincial government, through BC Housing, is providing $33.6 million in funding and an annual operating subsidy of up to $1.8 million over the 60-year lifespan of the building a total of $141 million.
The not-for-profit Vancouver Chinatown Foundation (VCF) initiated and spearheaded this project, and will provide $30 million from community fundraising. This brings the project’s total construction cost to just under $110 million.
Site of 58 West Hastings Street, Vancouver. (Google Maps)
Site of 58 West Hastings Street, Vancouver. (WT Leung Architects/Vancouver Chinatown Foundation)