Federal government invests $29 million for housing supply in Calgary

CALGARY, AB, Nov. 16, 2023 /CNW/ - New rental homes in Calgary, Alberta – funded by the federal government's investment of $29 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) – are providing residents with safe and secure housing. In addition, the Government of Canada also provided $1 million through the Affordable Housing Innovation Fund (AHIF) for them.

The announcement of the completed project was made by George Chahal, Member of Parliament for Calgary Skyview, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Robert Sipka, President of Kanas Corporation, at 5709 2^nd Street SW.

The project, known as Orion at Lumino Park, is a high-rise apartment building with 135 units, including 105 one-bedroom and 30 two-bedroom units. Orion is the last of four apartment towers at Lumino Park which, together, provide homes for 450 families. The units incorporate numerous advanced environmental features including district heat, solar power, triple pane windows and highly insulated walls. Orion is the recipient of a Built Green platinum certification from Built Green Canada, reflecting the high degree of energy efficiency in the project.

Canada's construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To help address this issue, the federal government introduced the RCFi to help build more rentals across the country. The government recognizes that increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

"We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality." –  The Honourable Sean Fraser, Minster of Housing, Infrastructure and Communities

"The Government of Canada is committed to working with our partners to overcome the challenges of housing supply. Through programs like the RCFi and the AHIF, we are providing more rental housing quickly and investing in innovative housing solutions for every community, including Calgary. Today's announcement will not only create safe, accessible homes for 135 families, but will also help us fight homelessness and support Canadians with more access to secure housing. This is the National Housing Strategy at work." – George Chahal, Member of Parliament for Calgary, Skyview 

"Kanas has been building purpose-built apartment buildings in Calgary since 2007 when we first recognized the shortage of supply.  We always incorporate non-combustible construction and the highest energy efficiency specifications because we own our buildings for the long term.  Our partnerships with CMHC allows us to multiply these efforts to provide homes for more Canadians." – Robert Sipka, President, Kanas Corporation

Quick facts:

• Funding details for Orion include:
  • $29 million loan through the RCFi
  • $1 million loan through the Affordable Housing Innovation Fund
  • $50,000 in seed funding grant from Canada Mortgage and Housing Corporation
  • $1.575 million grant from the Government of Alberta
  • $5.385 million in equity from Kanas Shelter Corporation
• The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built, affordable, rental housing for Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
• RCFi is one of many programs and initiatives under the NHS designed to help address housing needs across the country.
• RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
• Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
• A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
• The Affordable Housing Innovation Fund (AHIF) supports new ideas that will drive change and disrupt the industry – ideas and approaches that will evolve the affordable housing sector and create the next generation of housing in Canada.

Related links:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]