I love this program. The rental construction financing issue is really about building the next generation of rental housing in our communities. As we all know, the very people who contribute to making our communities and urban centres dynamic and providing a good quality of life for all of us are increasingly being priced out of the rental market, and they're having to move further and further away from the places in which they work. Through the rental construction financing initiative, we are contributing to the building of 71,000 new rental units across the country, enabling teachers, construction workers, paramedics, firefighters and others to stay in the places where they work and play.
It's a financing initiative. We get all that money back, but in exchange for that financing we create rental housing and communities, because one of the conditions of the rental construction financing initiative is that folks who apply for that financing have to build close to transit, close to work, and close to schools and community services. We are building communities. They also have to abide by our energy efficiency and accessibility guidelines.
We are making a difference. One of the projects I was lucky enough to announce before we moved virtually—and I was there in person—was the first purpose-built rental building in Coquitlam since 1971. With 301 units of affordable rental housing, 100 will be deeply affordable. Right across from a transit hub, right next to a YMCA, the building was built in collaboration with the Government of Canada, the Government of British Columbia, the City of Coquitlam, a non-profit organization and a private developer. That's how we build more rental housing in Canada. The rental construction financing initiative is working really well to do that.