OTTAWA, ON, August 3, 2021 / CNW / – Every Canadian deserves a safe and affordable place to call home. Thanks to the investments made by the government of Canada, the inhabitants of Ottawa will now have access to more stable rental housing options.
Today, the Honorable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance and Member of Parliament for Ottawa-Vanier, on behalf of the Honorable Ahmed Hussen, Minister of Families, Children and Development Social and Minister Responsible for the Canada Mortgage and Housing Corporation (CMHC), announced a $ 161.4 million low cost loan to help build a multi-tower development known as Claridge Royale.
Funding is for two residential towers located at 245 Rideau Street and 265 Rideau Street. These two residential towers will provide Ottawa with 489 new units, including 121 units that must be equal to or less than 30% of median household income, essential rental units within walking distance of amenities like schools, parks, stores, Rideau LRT station and the historic Byward Market.
The two towers are designed to achieve an average reduction of 24.2% in energy intensity and 32.25% in greenhouse gas emissions compared to the requirements of the 2015 National Building Code.
The project received funding under CMHC’s Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage supply. stable rental housing for middle class families in expensive housing markets.
“Every Canadian deserves a safe and affordable place to call home. This is why, thanks to this investment in Claridge Royale and others like him, our government is taking action not only to increase the supply of new rental projects, but also to provide housing options that are closer to jobs, services and amenities than middle-class families in Ottawa need. This is the National Housing Strategy at work. ” – The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)
“Everyone in Ottawa–Vanier, and through Canada, deserves adequate and affordable housing. I’m proud that our government’s Rental Construction Finance Initiative (RCFi) is helping Ottawa increase its offer of new rental programs for those who need them the most. When it’s finished, Claridge Royale will provide new housing options for families and individuals who are even closer to good jobs, services and amenities in the heart of Ottawa. ” – The Honorable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance and Member of Parliament for Ottawa — Vanier
“Everyone deserves a roof over their heads and a safe place to call home. Today’s announcement will bring more rental housing to the heart of our city. Let’s continue to work together, with the federal and provincial governments, and all partners like Claridge, to ensure that everyone in Ottawa has a place they can call home. “ – Jim watson, Mayor of Ottawa
Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
from Canada The National Housing Strategy (NHS) is a 10-year, over $ 72 billion plan that will give more Canadians a place to call home.
To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.
Like from Canada housing authority CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, Youtube, LinkedIn and Facebook.
To learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
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