Vancouver to seek $3.5 million loan for Fourth Plain Commons

Vancouver to seek $3.5 million loan for Fourth Plain Commons project


Vancouver to seek $3.5 million loan for Fourth Plain Commons project
Plan includes public plaza, offices, affordable housing
Published: January 15, 2021, 6:03am
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The city of Vancouver will pursue a $3.5 million loan to build the Fourth Plain Commons project, which will be built at Fourth Plain and Norris Road in central Vancouver. (The Columbian files)
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Vancouver will work to secure a loan to help fund the next phase of the Fourth Plain Commons project, a multimillion-dollar investment that will bring housing and a community space to the Fourth Plain corridor.
This week, city councilors unanimously gave staff the green light to pursue a $3.5 million loan from the U.S. Department of Housing and Urban Development. The program — called a Section 108 loan — allows municipalities to multiply their Community Development Block Grant funds for projects, offering loans up to five times the amount of the grants.

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