Federal Funding For Nearly 3000 Homes On Squamish First Nation

The federal government is offering up $1.4 billion dollars to create nearly 3-thousand homes on Squamish First Nation.

The federal government is offering up $1.4 billion dollars to create nearly 3-thousand homes on Squamish First Nation.

This project is the largest First Nations economic partnership and the largest loan from the Canada Mortgage and Housing Corporation (CMHC) in Canadian history.

The funds support the Senakw development - an on-reserve residential and commercial development project, being built inside the head of False Creek, on land that was forcibly taken away from in the early 1900s and returned by the courts in 2003.

The project sits on ten acres, over half of which will be publicly accessible, with green spaces, parks, and plazas.

In addition to 6-thousand rental units and 12-hundred homes, including affordable units, the project is expected to create hundreds of good jobs and long-term economic opportunities.

Construction is already underway, with the first residents expected to move in in 2025.

The Nation says the funding will support its long-term vision for the lands, while helping to define a new generation of First Nations reconciliation and leadership, grow the economy, and create good jobs.

This economic partnership is the largest in Canadian history between a First Nation and the federal government.