LONDON, ON, Feb. 11, 2019 /CNW/ - Hard working residents of London deserve to have a safe and affordable place to call home where they can thrive and spend more time with their families.
Today in London, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs), on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 54 new rental housing units to help more families have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $4.4 million for the construction of the 4-storey building. Of the 54 units, 50 will be rented at affordable rates while four will be rented at market rates.
Located at 770 Whetter Avenue in London, this project, developed by Homes Unlimited (London) Inc., will provide affordable housing options close to public transit, schools and services for modest and middle-income households.
The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class families struggling in expensive housing markets.
"Through the National Housing Strategy, more middle class Canadians - and those working hard to join it - will find safe, accessible and affordable homes where their families can thrive and have the stability and opportunities they need to succeed. Our Government is committed to increasing the supply of rental units for Canadians through projects like the ones we are announcing today." – The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation
"These investments create good jobs and grow the local economy, helping families in the community that will soon move into these safe and affordable rental housing units. These projects are making a big difference in building a more sustainable future through more energy-efficient and affordable homes." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs)
"Our government is committed to continuing investments in housing so all Londoners can have a safe and affordable place to call home. Whether it be new units like those we are announcing today, or repairing existing housing units for London families, we are actively working with our housing partners to reduce waitlists and ensure all Londoners in need have homes that are sustainable, accessible and inclusive." – Kate Young, Member of Parliament for London West and Parliamentary Secretary to the Minister of Science and Sport and to the Minister of Public Services and Procurement and Accessibility (Accessibility)
"Homes unlimited is excited to be adding additional affordable housing units to our growing portfolio. As a charitable non-profit affordable housing developer and operator, we very much appreciate the support of the federal, provincial and municipal governments for this project. CMHC's Rental Construction Financing with lower interest rates and longer amortization has been especially beneficial in allowing us to provide more units at well below market rent." – Jim Foote, Treasurer of Homes Unlimited
- 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 for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion from 2018 to 2021.
- The RCFI will encourage the construction of more than 14,000 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- The rental market vacancy rate in London is at 2.1%.
- The 770 Whetter project will include 16 accessible units and out of these 8 are designed for full barrier-free access while all interior and exterior common areas are fully wheelchair accessible.
- The project features 68 exterior parking spaces and 41 bicycle stalls.
- Homes Unlimited (London) Inc. is a charitable non-profit corporation that has been providing affordable housing in London since 1972. Their current portfolio consists of 468 apartments and townhomes in 8 locations.
- 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.
- For more information about the Rental Construction Financing Initiative or to apply, please visit www.cmhc-nhs.ca.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Spencer Magee, Public Affairs, Canada Mortgage and Housing Corporation, 647-244-0040, [email protected]; Jim Foote, Treasurer, Homes Unlimited, 519-433-2741, [email protected]