FREDERICTON, NB, Nov. 14, 2023 /CNW/ - Today, the Government of Canada announced over $23 million to build 132 purpose-built rental homes in Fredericton. This funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made by Jenica Atwin, Parliamentary Secretary to the Minister of Indigenous Services and Member of Parliament for Fredericton on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
Located at 650 Waterloo Row and called Micro Boutique Living Fredericton, the project will offer studios, 1-bedroom, 2-bedroom, and 3-bedroom units, ranging in size from 250 square feet to 1000 square feet. Located in a central part of Fredericton this project allows occupants to enjoy the excitement and vibrancy of living in the heart of town making the building desirable to a wide range of local residents, from seniors to young professionals, young families, graduate/undergraduate students and single tenants.
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 tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
"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, Minister of Housing, Infrastructure and Communities
"Access to housing is a human right and is essential to one's sense of dignity, safety, and inclusion. The Government of Canada is committed to working with communities to meet the challenge of building housing. Through RCFi, our government is increasing the supply of new rental units by investing $23 million to build a total of 132 units in Fredericton, New Brunswick. These energy efficient and accessible homes will benefit low and middle-income individuals and families, making our communities more inclusive and equitable." – Jenica Atwin, Parliamentary Secretary to the Minister of Indigenous Services and Member of Parliament for Fredericton
"Without CMHC's RCFi financing we can honestly say that the project would not have been built. We are a small, family owned business and the construction of a 132 unit apartment building would have been too big a project for us to handle. The financing terms of CMHC's RCFi program allowed us to share the risk and allowed us to proceed with the construction. We are happy to say that we now have over 200 people living in our building who would otherwise be looking for housing elsewhere. Moreover, due to the micro-nature of our units our rental rates are amongst some of the more affordable ones in the City of Fredericton"– Chris Galea and Alyson Roberts, Owners, Micro Boutique Living
- Funding details include:
- $23,600,000 RCFi
- $150,000 SEED funding
- $1.72 million from Micro Boutique Living Fredericton
- The Government of Canada's National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
- The Rental Construction Financing Initiative (RCFi) is part of the strategy provides fully repayable low-interest loans to encourage the construction of more purpose-built 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 NHS designed to help address housing needs across the housing continuum.
- 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.
- 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]
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