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But a closer look at the numbers makes it all pretty depressing.
The federal government promoted Monday’s “major housing-related announcement” for days in advance, touting big names like Ahmed Hussen, the federal minister of families, children and social development, Vancouver Mayor Kennedy Stewart, and Vancouver Centre MP Hedy Fry.
The politicians said how pleased they were to reveal the City of Vancouver has used federal funds to purchase the Days Inn in East Vancouver and convert it into 65 supportive homes for the homeless.
The hotel purchase and renovation is funded by the federal Liberal government’s Rapid Housing Initiative, which was announced last September and committed $51.5 million to Vancouver to quickly create up to 135 new affordable homes in the city. Surrey got another $16.4 million, while Victoria received $13.1 million.
According to Ahmed Hussen, the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation, this funding amount is Vancouver’s “fair share” of the $500 million of RHI’s $1 billion that is allocated specifically for 15 major cities, including Toronto, Montreal, and Halifax.
Days Inn by Wyndham Vancouver Metro Hotel at 2075 Kingsway, Vancouver. (Google Maps)
Days Inn by Wyndham Vancouver Metro Hotel at 2075 Kingsway, Vancouver. (Days Inn)
The value of the acquisition was not disclosed; however, BC Assessment pegs the 1949-built, two-storey motel building on a 0.74-acre lot at an assessed value of $11.9 million, with $64,700 from the structure and $11.848 million from the land.
Vancouver buys hotel to help tackle housing crisis theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Days Inn will need renovations and won’t be ready until November.
Jen St. Denis is The Tyee’s Downtown Eastside reporter. Find her on Twitter @JenStDen. This reporting beat is made possible by the Local Journalism Initiative. SHARES The City of Vancouver recently purchased the Days Inn on Kingsway to house people who have experienced homelessness or are precariously housed.
The City of Vancouver will use part of a $51.5-million federal rapid housing fund to buy a hotel just off Victoria Drive on Kingsway to convert into 65 housing units for people who are homeless or at risk of homelessness.