BACKGROUNDER
2004MCAWS0059-000599 July 28, 2004	Ministry of Community, Aboriginal and Women's Services Government of Canada BC Housing
NEW MIXED-INCOME HOUSING IN COAL HARBOUR

PAL (Performing Arts Lodge of Vancouver)

PAL Vancouver is a B.C. non-profit organization, created to provide quality affordable housing and support for seniors and the disabled in the performing arts and allied professions.

PAL Vancouver was co-founded in 2001 as a chapter of Performing Arts Lodges of Canada.

 

Development Facts

Location: 1616 Bayshore Drive, Vancouver

Unit Mix:
12 two-bedroom market suites

99 affordable one-bedroom suites

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111 units total

This new mixed-income development is located at Bayshore Gardens, adjacent to Georgia and Cardero (near the Westin Bayshore Hotel); a prime downtown location. The development will also have numerous amenities including a multi-purpose performance space.

A group of volunteers – PAL’s Supporting Castwill offer friendship, assistance and arrangement of support services for tenants.

PAL’s rents will address the reality of poverty for senior cultural workers. Elders in the performing arts earn an average annual income of about $10,000, or half the average income of all other Vancouverites over the age of 65. At this time it is expected that 50 per cent of the units will be about $650 per month and the other units will be 10 per cent below market value. PAL intends to raise an additional $4.9 million, which would reduce capital development costs and further reduce rents.

 

Partnership contributions

The capital cost of this development is $20.5 million

• The Province through BC Housing is providing a $250,000 grant and assisting with arranging the mortgage financing.
• The Federal Government through Canada Mortgage and Housing is providing $250,000 through the Canada-BC Affordable Housing Agreement.
• The City of Vancouver is providing:
  - the land for a nominal amount
  - a grant of $500,000 matching BC Housing and the federal government contributions
  - a grant of an additional $500,000 matching funds raised by PAL
• PAL has already raised over $4 million including the sale of life lease units and contributions from various institutions and societies, including $300,000 from the Union of BC Performers and $50,000 from ACTRA for Benefits Society.

 

 

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Visit the Province's website at www.gov.bc.ca for online information and services.