Ottawa, Niagara housing projects share in $43 million
The federal government announced investments of more than $43 million in a pair of housing projects—in Ottawa and Niagara.
On July 9, Ahmed Hussen, the Minister Responsible for Canada Mortgage and Housing Corporation (CMHC) was among a group of officials that announced funding of more than $10.5 million for 41 new affordable houses in Niagara Region.
The project is being funded and delivered under the Rapid Housing Initiative (RHI), and will support people who are in uncertain housing situations, experiencing or at risk of homelessness, or living in temporary shelters because of the COVID-19 pandemic.
At least 25 percent of the new funding will go toward women-focused housing projects. The units will be built within 12 months of when funding is provided to program applicants.
"Municipalities are on the frontline of the COVID-19 pandemic, which has clarified the urgency to build safe, affordable housing for the most vulnerable among us,” said St. Catharines MP Chris Bittle. “With today's investment, our government stepping up to support communities across Niagara Region through the Rapid Housing Initiative, to quickly build new homes for those who need them most. Everyone deserves to have place to call home, a place of sanctuary and refuge. That's what this funding is all about."
Launched last October, the RHI is a $1-billion program designed to help address the urgent housing needs of vulnerable Canadians, especially in the context of COVID-19, through the rapid construction of affordable housing. The government topped up the program with a further $1.5 billion in its 2021 budget.
In Ottawa, meanwhile, Hussen was among another group that announced funding of $33.8 million in the form of a low-cost loan to help build a new residential property on Kilborn Avenue.
The project, known as Playfair Residences, is a nine-storey residential building that will provide south Ottawa neighbourhood of Alta Vista with 120 new units of much needed rental housing within walking distance of schools, parks and shopping. The project, which is being developed by Greatwise Developments Corporation, is transit-focused, and is located on a City of Ottawa bus route, with the Kilborn/Playfair station located at the front of the property. The development will also offer residents with an on-site car sharing service.
All of the building’s units will have rents below 30 percent of median household income in the area. Fifteen percent of the units will meet municipal accessibility requirements.
The project received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for families in expensive housing markets. The RCFI aims to spur the construction of more than 71,000 rental housing units.
"We are truly humbled by the level of professionalism that we have experienced dealing with CMHC over the years, not only for the re-financing of our existing rental portfolio but for the seamless approval process for the RCFi, that has made this building a reality,” said Natan Ary, vice president of development with Greatwise Developments. “Our goal at Greatwise Developments is to provide a quality living experience at affordable rents. We are thrilled about the prospect of offering the community 120 high-quality and transit-oriented rental suites, which will be ready for occupancy by early spring 2022."
Featured image: Project rendering of Playfair Residences by Greatwise Developments Corporation (CNW Group/Canada Mortgage and Housing Corporation)