SUMMERSIDE, PE, Sept. 3, 2019 /CNW/ - Thanks to investments made by the Government of Canada, the Province of Prince Edward Island, the City of Summerside, and the Port of Summerside, residents of Summerside will soon have access to more safe and affordable places to call home.
Today in Summerside, Bobby Morrissey, Member of Parliament for Egmont, 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 70 new rental housing units to help ensure that residents of this community have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing just over $15.18 million for the construction of a seven-storey, 70-unit building. Of the 70 units, 51 units (72.9%) have rents that fall at or below 70% of the 30% median income in the area.
Located at 160 Water Street, this project, developed by Arsenault Bros. Construction, will provide affordable housing options close to public transit and services for modest and middle-income individuals and families.
The RCFi, a National Housing Strategy (NHS) 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 households struggling in expensive housing markets.
"Through the National Housing Strategy, our Government is increasing the supply of rental units for Canadians. These investments also create good jobs and grow the local economy and are making a big difference in building a more sustainable future through more energy-efficient and affordable homes. This investment is wonderful news for residents of Summerside, who will soon have new safe and affordable rental housing units." – Bobby Morrissey, Member of Parliament for Egmont
"As an Island community, we are at our best when we work together to support one another. Affordable, safe and secure housing is critical for success from raising healthy children, to pursuing education, jobs and other opportunities, to aging in place. These new units are more than just a place to live, they are a key to a better life for those who will call them home." – The Honourable Ernie Hudson, Minister of Social Development and Housing for the Province of Prince Edward Island
"Transformational. That's the word I use to describe how the Arsenault Bros affordable housing project will impact downtown Summerside. Once completed, this 70-unit complex will suddenly situate upwards of 150 or more new residents in our downtown. As an active partner, the City of Summerside is proud to join up with Canada Mortgage and Housing Corporation (CMHC), the Province of PEI, the Summerside Port Corporation, and Arsenault Bros Construction, all united in making this project a reality. This unity of purpose from three levels of government, the Port, and the private sector, has recognized the critical shortage of housing in PEI, and has stepped up boldly to do something about it. " – Mayor Basil Stewart, City of Summerside
"Summerside Port Corporation Inc is pleased to partner with Arsenault Bros on the construction of a multi-story apartment complex on land formerly owned by SPCI located near the Summerside Waterfront. Not only does this project address a need for residential apartments it also includes 30 affordable housing units on the waterfront. SPCI is pleased to partner with this highly respected local developer on this project and wish to thank partners from all levels of government for their support." – Arnold Croken, CEO, Summerside Port Corporation Inc.
"The Arsenault family of companies is very grateful for all partnering supports received in making this project a reality. Our outstanding partners in this venture include Canada Mortgage and Housing Corporation, The Province of PEI, The City of Summerside, Summerside Port Corporation, and Community Business Development Corporation PEI. These supporting partners are enabling us to invest in accessible and barrier-free design, as well as energy efficiency to the tune of 42% reductions in both operating energy consumption and greenhouse gas emissions. We are proud and excited to be bringing this much-needed new supply of affordable and market-rate housing to the downtown core of Summerside." – David Arsenault, Arsenault Bros. Construction
- In addition to providing 11.4% of accessible units, the project will also offer 6 units with universal design and 2 adaptable units.
- This project is designed to achieve energy-efficiency savings and reduction in greenhouse gas emissions of 42% relative to the 2015 NECB.
- 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 for middle-class families struggling in expensive housing markets across the country.
- 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.
- 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 the Summerside community is at 0.9%.
- 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: Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, Media Relations, 613-748-2573, [email protected]