All three levels of government have announced a combined commitment of more than $50 million to support a number of housing initiatives across Peterborough.

A joint announcement took place at 681 Monaghan Road, where the City of Peterborough is building a six-storey building that will include 53 units.

The project received $18.9 million in federal funding through the third round of the Rapid Housing Initiative, $40,000 in SEED funding, $854,810 through the Ontario Priorities Housing Initiative (OPHI) and more than $4 million from the City of Peterborough.

The project, which is expected to be completed by next summer, will be home to vulnerable populations in Peterborough.

A second portfolio of projects, located at various locations in Peterborough, is owned and operated by the Peterborough Housing Corporation. The scope of work there will include the repair of 945 homes, with more than 30% of the units allocated to women and children.

Additionally, at least 20% of units within the portfolio will be accessible and the repairs will achieve a minimum reduction of 25% in energy consumption and greenhouse gas emissions.

The federal government of Canada is contributing nearly $3.5 million to the project through the National Housing Co-Investment Fund, while the Peterborough Housing Corporation and the City of Peterborough are providing over $8 million to the project. Repairs of the units are expected to be completed by December 2025.

The third project is a six-storey building located at 555 Bonaccord Street, known as Hunt Terraces, which has 85 units in total.

That project received $19.8 million through the National Housing Co-Investment Fund and $50,000 in SEED funding. The project also received $1.4 million from the City of Peterborough, over $2.4 million through the Canada – Ontario Community Housing Initiative, over $1 million through the Ontario Priorities Housing Initiative, $3.2 million from the Peterborough Housing Corporation, and over $1 million in municipal investments.

“The City of Peterborough has a housing crisis,” said Mayor Jeff Leal. “We have a vacancy rate of 1.1%, lowest in Ontario today, and our average rent ranks 10th highest in Canada. This announcement is a significant first step in addressing the housing pressures our residents are facing.”