Making Housing More Affordable for Middle-Class Families in Wolfville
Nov 15, 2018, 14:34 ET
WOLFVILLE, NS, Nov. 15, 2018 /CNW/ - Hard working middle-class families in Wolfville deserve to have a safe and affordable place to call home where they can thrive and spend more time with their children.
Today, the Honourable Scott Brison, President of the Treasury Board, Minister of Digital Government and Member of Parliament for Kings—Hants, 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 48 new rental housing units in Wolfville to help middle-class families have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing close to $8.2 million for the construction of Woodman's Grove Residences, phase 5, a 4-storey building that will provide safe and affordable homes to 48 families. All units will have rents at or lower than 30% of median household income in the area and at least 10% of the units will be accessible.
This project 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. 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
"Our Government is investing in healthier energy efficient homes and this is wonderful news for the Wolfville 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 of our municipality." – Scott Brison, President of the Treasury Board, Minister of Digital Government and Member of Parliament for Kings—Hants
"We are very proud to have had our project at the Woodmans Grove Residences, Wolfville NS, selected to participate in the new CMHC Rental Construction Finance initiative. This innovative new funding will allow us to focus more attention on building affordable, super energy efficient housing in our markets. The program recognizes and prioritizes our commitment to green construction practices as the way that things should be done to provide housing for Canadians. The RCFi program reduces the amount of equity that we need to tie up in our affordable housing projects so that we can move on to the next project, while simultaneously reducing our cost of capital. We hope and plan to participate in the program with a second application in the near future." – Peter Polley, Founder and President, Polycorp
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.
- Phase 5 of Woodman's Grove Residences will achieve energy savings of 73.7% and a reduction in greenhouse gas emissions of 26.2%.
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
For further information: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Catherine Léger, Public Affairs, Canada Mortgage and Housing Corporation, 514-283-7972, [email protected]
