Hamilton receives $146M for affordable housing
Canada Mortgage and Housing Corporation (CMHC) has announced an investment of more than $145 million to build and repair thousands of affordable housing units in Hamilton.
The funding announcement was made on April 26, and the money will go toward work on 6,290 affordable housing units in the city. Many of these units will be for priority vulnerable groups, with almost half of the units dedicated to seniors across the city; 20 percent of them will meet accessibility requirements.
This funding is being delivered through CMHC’s National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing.
“Safe, affordable housing is a critical determinant of health and wellbeing in a community, which is why addressing homelessness and affordable housing remains a top priority for Hamilton City Council,” said Mayor Fred Eisenberg. “This funding demonstrates our collective commitment to safe and dignified housing for vulnerable members of the community and supports much needed repair and renewal — improving accessibility and energy efficiency — to a large portion of affordable housing units that will continue to provide critical affordable housing for thousands of Hamiltonians in the years to come.”
CityHousing Hamilton will receive two loans over a nine-year period under the NHCF for a total of $145.6 million in financial support. The money includes a forgivable loan of $58.2 million and a repayable loan of $87.4 million.
With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.
The federal government’s Budget 2021 made $750 million in NHCF funding available in 2021–22 and 2022–23. The funding will accelerate the creation of 3,400 new units, and the repair of 13,700 units.