The federal and municipal governments have announced a combined investment of more than $30 million to spur the construction of more than 70 housing units in Waterloo.

The federal government is contributing nearly $5.5 million through its National Housing Co-Investment Fund (NHCF); the Region of Waterloo is providing over $26 million to the project.

"In collaboration with municipal partners and local stakeholders, we are working to ensure that everyone in Waterloo and across our province has safe and affordable housing,” said Waterloo MP Bardish Chagger. “Today's announcement continues our government's record of helping Ontarians find the safe and supportive housing they need."

Located at 420 Kingscourt Drive, and owned and operated by the Region of Waterloo, the project will feature 73 housing units with a mix of unit types and affordability. More than half of the homes will have rents below 80% of the median market rent for the area, and one third will have rents geared to income.

The project will include 29 one-bedroom units, 21 two-bedroom units, 11 three-bedroom units, 7 four-bedroom units and 5 five-bedroom units to accommodate larger households. The ground floor of the building will feature a programming space which will serve senior tenants as well as the broader community.

More than half of the units will be allocated to women and their children, as well as other low-income households. Additionally, 19 units will have enhanced accessibility ,and the common areas will be barrier-free.

"The Region of Waterloo is committed to ensuring everyone in our community has a safe place to call home,” said Regional Chair Karen Redman. “This exciting project is an example of putting our affordable housing plan into action, and it would not be possible without our government and community partners."

Construction is expected to be completed by February 2025.