In separate announcements, the federal government has provided more than $340 million in funding for a series of housing projects in Ajax, Ottawa and Waterloo Region.

In Ajax, the government announced an insured loan of $168.5 million to help construct two new multi-residential buildings.

The project, developed by Medallion Developments and located at 100 Bayly Street, includes a 23-storey and 19-storey residential building, and will provide Ajax with approximately 551 new units of much needed rental housing close to public transit, schools and services for families.

It is the second phase of a three-phase master plan development known as the Vision at Pat Bayly Square. The Government of Canada previously provided a $60-million loan for the first phase of the plan to help build 308 new rental units.

This latest phase of the project received funding through CMHC's Rental Construction Financing initiative, a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

"By providing financing for new rental housing builds like we have for the Vision at Pat Bayly Square, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families right here in Ajax, the surrounding regions and across Canada,” said Ajax MP Mark Holland. “This is a transformational investment in our local community, and is desperately needed."

Meanwhile, in Ottawa, the government announced another low-cost loan—worth $161.4 million—for the construction of a multi-tower development in the Byward Market neighbourhood.

The funding is going towards two residential towers located at 245 and 265 Rideau Street. They will include 489 new units, including 121 units at or below 30 percent of the median household income.

Both towers are designed to achieve an average of 24.2 percent decrease in energy intensity and 32.25-percent decrease in greenhouse gas emissions relative to the requirements of the 2015 National Building Code.

"Everyone deserves a roof over their head and a safe place to call home. Today's announcement will bring more rental housing in the core of our city,” said Ottawa Mayor Jim Watson.

Finally, in Waterloo Region, the government announced funding of $11.2 million to create 42 new affordable homes under its Rapid Housing Initiative program. The units will support Canadians who are in uncertain housing situations, experiencing or at risk of homelessness, or living in temporary shelters because of the pandemic.

"The Region of Waterloo continues to work collaboratively with area municipalities, housing providers and the development community to create new affordable housing,” said Regional Chair Karen Redman. “As part of our new affordable housing plan, Building Better Futures: 2,500 Homes in 5 Years, we are committed to help those who need it find and maintain housing."

This latest funding is in addition to a previous investment of $8.2 million through the first phase of the Rapid Housing Initiative to support the creation of 42 housing units in the Region of Waterloo.

Featured image: The first phase of the Vision at Pat Bayly Square project. (IBI Group)