LANGFORD, BC, March 2, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, middle-class residents in Langford will soon have access to more rental housing options that are affordable.
Today the Honourable Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is providing a low interest insured loan of $31.5 million to help construct Orono Place Apartments, a 5-storey residential building comprising 120 homes for hard-working middle-class Canadians located at 854 Orono Avenue in Langford.
The building is designed to achieve energy efficiency savings of 26.2% and a reduction in greenhouse gas emissions of 21% relative to the 2015 model building codes. Located in the downtown core of the City of Langford, Orono Place Apartments will be close to all amenities such as shopping and public transit, and is a 20-minute drive to downtown Victoria.
Developed by Woodsmere Holdings Corp, the project is receiving funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class households struggling in expensive housing markets across the country.
"Our Government is increasing the number of affordable rental homes available to middle-income Langford families that are close to public transit and schools. With one-bedroom suites starting at $1260 per month, and two-bedroom apartments at $1554, all 120 homes at Orono Place Apartments will be offered at rents that are at least 10% below market. Since 2018 over $539 million has been earmarked to support housing initiatives and projects in BC that will create up to 10,600 units across the province." – The Honourable Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality
"Woodsmere Holdings Corp. is very pleased to be working with CMHC to bring a new affordable rental project to this community. With 120 new suites, from bachelor to two-bedroom, Orono Place Apartments will help reduce the critical shortage of affordable rental homes in Langford, and Woodsmere would like to acknowledge Mayor Stew Young and Counsel for their ongoing support. Special thanks to W&J Construction Ltd. and their team for building the project on time and on budget! Woodsmere looks forward to working with CMHC on future affordable rental housing projects." – Danny Jadresko, President, Woodsmere Holdings Corp.
- At least 10% of the homes will meet municipal accessibility requirements including a few units featuring adaptable and universal design.
- The project demonstrates strong affordability outcomes. At least 35 homes will maintain rents at or below 30% of the median household income level of the area for at least 11 years.
- Orono Place Apartments is located in the downtown core of Langford in the Greater Victoria region, which is currently experiencing very low vacancy rates.
- The RCFi, a National Housing Strategy National Housing initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
- The rental market is an important housing option for approximately 30% of Canadians.
- Low-cost loans are available to borrowers who want to build purpose built rental housing in Canada in response to demonstrated community need.
- Under the Investing in Canada plan, the Government of Canada is investing 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.
- 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. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Information on this release: Maya Dura, Senior Special Assistant, Communications, Office of the Minister of Families, Children and Social Development, 873-354-8265, [email protected]; Leonard Catling, CMHC Media Relations, 604-787-1787, [email protected]