Canada supports construction of over 70 housing units in Waterloo

CMHC Logo (CNW Group/Canada Mortgage and Housing Corporation)

Government of Canada logo (CNW Group/Canada Mortgage and Housing Corporation)

WATERLOO, ON, Feb. 10, 2023 /CNW/ - Today, the Honourable Bardish Chagger, Member of Parliament for Waterloo, on behalf of the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, alongside Karen Redman, Regional Chair, Region of Waterloo, announced a combined investment of nearly $39 million to support the construction of more than 70 housing units in Waterloo.

The federal government is contributing nearly $5.5 million through the National Housing Co-Investment Fund (NHCF), a key pillar of the Government of Canada's National Housing Strategy. Additionally, the Region of Waterloo is providing over $26 million to the project.

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.

Construction of the building is expected to be completed by February 2025.

Quotes:

"Every Canadian deserves a safe and affordable place to call home. Through the National Housing Co-Investment Fund, our government is investing in affordable housing here in Waterloo and across the country. This building will offer a mix of affordable and accessible units and will foster a vibrant and inclusive community that caters to families of all sizes and socio-economic backgrounds. This is one of the many ways our government's National Housing Strategy is ensuring that no one is left behind." – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

"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. Today's announcement continues our government's record of helping Ontarians find the safe and supportive housing they need." The Honourable Bardish Chagger, Member of Parliament for Waterloo

"The Region of Waterloo is committed to ensuring everyone in our community has a safe place to call home. This exciting new project at 420 Kingscourt Drive is an example of putting our affordable housing plan into action, and it would not be possible without our government and community partners." Karen Redman, Regional Chair, Region of Waterloo 

Quick facts:

• The National Housing Co-Investment Fund (NHCF) is a program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people with disabilities, those with mental health or addiction issues, veterans, and young adults.
• Budget 2022 proposes to advance $2.9 billion in funding under the NHCF to accelerate the creation of up to 4,300 new units and repair up to 17,800 units.
• The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest over $82+ billion to give more Canadians a place to call home.

Related links:

• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing needs, and offers unbiased housing research and advice to all levels of the Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, 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

Brittany Hendrych, Office of the Minister of Housing and Diversity and Inclusion, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]