Today, Canada’s Minister of Families, Children and Social Development – who is also the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced an initiative in which 199 new rental housing units in Montreal would be built for middle-class families.
“Through the National Housing Strategy, more middle class Canadians – and those working hard to join it – will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Montreal middle-income families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today.” – The Honourable Jean-Yves Duclos
The federal government will provide $41.75 million to the CMHC’s Rental Construction Financing initiative (RCFi) for the construction of Apero Phase 3, a 10-storey building with the mission of providing affordable housing for 199 families.
All units will offer rents at 30% of median household income (or less) in the area.
This project will be built close to public transit, schools and services.
About the RCFI
Launched in 2017, the CMHC’s National Housing Strategy secures affordable rental housing construction projects for middle class families struggling in expensive housing markets.
The Canadian Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion from 2018 to 2021. Low-cost loans are also made available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
Under the Investing in Canada plan, the Government of Canada invested more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
Source: Canada Mortgage and Housing Corporation
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