Making Housing More Affordable for Middle-Class Families in Chilliwack
CHILLIWACK, BC, Jan. 25, 2019 /CNW/ - Hard working middle-class families in Chilliwack deserve a safe and affordable place to call home where they can thrive and spend more time with their children.
Today, Jati Sidhu, Member of Parliament for Mission — Matsqui — Fraser Canyon, 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 67 new rental-housing units in Chilliwack to help middle-class families have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $11.8 million for the construction of Webb Avenue Apartments, a 4-storey building that will provide safe and affordable homes to 67 families. All the units will have rents held at or below 30% of median income in the area and at least 10% of the units will be accessible and some 27 units will be adaptable.
This project, being built by Richlane Builders, will provide affordable housing options close to public transit, schools and services for modest and middle-income households. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
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.
Quotes
"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 children learn and grow. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one 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
"This investment is wonderful news for the Chilliwack middle-income families that will move into these new affordable rental housing units. It will contribute to build a foundation for their social and economic success as well as help create new jobs and stimulate the local economy." – Jati Sidhu, Member of Parliament for Mission — Matsqui — Fraser Canyon
"We are very excited to be a part of the Rental Construction Financing initiative program which promotes innovative and socially responsible housing options. The benefits of this program go beyond the 67-units that we are building here today. It gives flexibility to our team to invest in future projects that will provide even more housing availability in our community." – Brian Burr, CFO, Richlane Builders
Quick Facts
- 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.
- 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 Chilliwack is at 1.7%.
- The Webb Avenue Apartments project will achieve energy savings of 16% and a reduction in greenhouse gas emissions of 39.5%.
Associated 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 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
Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Gabriel Teo, Public Affairs, Canada Mortgage and Housing Corporation, 604-376-4622, [email protected]
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