FEDERAL GOVERNMENT ANNOUNCES OVER $925 MILLION FOR NEARLY 3,000 NEW RENTAL HOMES IN MONTRÉAL, NORTH SHORE, AND SOUTH SHORE

MONTRÉAL, Nov. 16, 2023 /CNW/ - Today, the federal government announced over $925 million to build 2,973 purpose-built rental homes across twenty projects in Montréal, the North Shore of Montréal and the South Shore of Montréal. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

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

The announcement was made at Cite Nature Phase 5 in Montréal by the Honourable Steven Guilbeault, Minister of Environment and Climate Change and Member of Parliament for Laurier—Sainte-Marie, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities. Eli Feldman from Cité Nature 5 and Marc Rasmussen from FRWA Architects were also present at this announcement.

Located at 5150 boulevard de l'Assomption, Cite Nature Phase 5 is a high-rise apartment building with 8 studio units, 112 one-bedroom units, 62 two-bedroom units, and 4 three-bedroom units. The building is centrally located, with several major attractions nearby like Montréal Botanical Gardens Montréal Biodome, Olympic Stadium, and features easy quick access to bus lines and the L'Assomption metro station. Expected to be complete by the spring of 2025, the project received $63.04 million through RCFi.

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.

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, 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 more homes in Montréal. Through RCFi, our government is increasing the supply of new rental units by investing over $925 million to build nearly 3,000 units. These energy efficient and accessible homes will benefit middle class individuals and families and stimulate the local economy." – The Honourable Steven Guilbeault, Minister of Environment and Climate Change and Member of Parliament for Laurier—Sainte-Marie

Quick facts:

• The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income 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 National Housing Strategy 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.

Related links:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• As Canada's authority on housing, 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.

Annex — Projects Funded under RCFi on the Island of Montréal, North Shore, and South Shore

Project Name	Municipality	Number of Units	Funding amount
Projet Le Bossuet Phase 4	Montréal	65	$11,399,000
Anima Appartements Chabanel	Montréal	172	$54,848,000
Cite Nature Phase 5	Montréal	186	$63,040,000
Pierrefonds Affordable Housing	Montréal	89	$27,525,000
Projet 2500 Sainte-Catherine Est	Montréal	26	$8,474,000
Le Miramont	Montréal	111	$31,300,000
Voltige Belvédère	Montréal	217	$70,314,480
Crémazie Affordable Housing	Montréal	108	$31,680,000
Projet de la Rome	Montréal	38	$9,283,000
Airlie Plaza	LaSalle	75	$23,450,000
Mostrat Newman	LaSalle	228	$64,655,000
Jean-Brillon Affordable Housing	LaSalle	91	$24,000,000
Westwalk	Montréal	393	$165,835,000
Sherbrooke Est	Montréal	90	$24,770,000
Projet Scotti	Repentigny	144	$33,700,000
Apero	Terrebonne	401	$110,000,000
Place Fabien-Drapeau	Sainte-Thérèse	42	$11,635,000
Candiac TOD	Candiac	241	$74,938,000
27 Montée des Bouleaux	St-Constant	71	$16,570,000
Marie Victorin	Brossard	185	$67,700,000
Total		2,973	$925,166,480

SOURCE Canada Mortgage and Housing Corporation (CMHC)

on this news release: Micaal Ahmed, Cabinet du Ministre du Logement, de l'Infrastructure et des Collectivités, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]