Making Housing More Affordable for Middle-Class Families in Winnipeg

Logo: Government of Canada (CNW Group/Canada Mortgage and Housing Corporation)

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

WINNIPEG, Nov. 20, 2018 /CNW/ - Hard working middle-class families in Winnipeg deserve a safe and affordable place to call home where they can thrive and spend more time with their children.

Today, 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 95 new rental housing units in Winnipeg so that more middle-class families will have an affordable place to live.

Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing over $18 million for the construction of Park City Commons, a 6-storey building that will provide safe and affordable homes to 95 families. All units will have rents at or lower than 30% of median household income in the area.

This project, constructed on a former City of Winnipeg Public Works Yard, 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 in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Winnipeg middle-income families that will move into these new affordable rental housing units. 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

"The RCFi was instrumental in allowing us to achieve our guiding principle for this development—to establish a living environment that addresses rent affordability, accessibility, inclusiveness and community-building by providing an area that promotes a comfortable and sustainable lifestyle." – Keith Merkel, President, EdgeCorp Developments

Quick Facts

• 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 Winnipeg is at 2.8%.
• The Park City Commons building will achieve energy savings of 16% and a reduction in greenhouse gas emissions of 23%.

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.
• 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

Valerie 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, [phone], [email protected]

Related Links

http://www.cmhc-schl.gc.ca