OTTAWA, ON, Aug. 17, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Ottawa will soon have access to more stable rental housing options that are affordable to the middleclass, and those working hard to join it.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is financing $86.4 million to help construct 250 residential units located at 486-500 Preston Street in Ottawa.
Soho Italia, a project by Mastercraft Starwood, is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects. The program encourages a stable supply of rental housing for middle-class families struggling in expensive housing markets.
Soho Italia will provide much needed housing options for middle-class families, close to public transit, schools and services, where they can thrive and spend more time with their children.
"Current events remind us that nothing is more important than a home. Through the National Housing Strategy, more middle-class Canadians—and those working hard to join it—will find 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 one we are announcing today." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC
"Mastercraft is pleased to celebrate this important financing milestone on 500 Preston and wishes to thank CMHC and the federal government for creating a program to promote innovative and socially responsible rental housing options for middle class Canadians, create jobs and long term benefits. SoHo Italia is a 30-storey state-of-the-art purpose-built rental building with 250 energy efficient, affordable apartments located steps away from transit and employment nodes, in Ottawa's Little Italy, made possible in part by CMHC. Mastercraft is pleased to participate in the federal government's initiative through CMHC's RCFI program, a National Housing Strategy initiative. Mastercraft is incredibly grateful to CMHC for the innovative funding which helped us to realize this project, and we are committed to the development of more purpose built, affordable rental buildings in Ottawa and Toronto." – Bruce Greenberg, President, Mastercraft Starwood
- The 30-storey mixed-use building will feature 250 residential units, including 50 one-bedroom units, 100 one-bedroom + den units and 100 two-bedroom units.
- Soho Italia will have barrier free access. At least two units will have universal design and at least two units will be adaptable, in addition to the minimum of 10 % of units within the project (25 units) that will meet or exceed the local accessibility standards.
- The project is designed to achieve a total of 15.7% energy savings and 25.6% greenhouse gas emission reduction compared to the 2015 model building codes.
- The project will have superior public transit access being located 180 meters to the Carling Station on the O-Train Trillium Line.
- This development represents a new supply of purpose-built rental housing in Ottawa, where the vacancy rate in the area was 2.3% (2019, submarket of Chinatown/Hintonburg/Westboro North).
- The RCFi, a National Housing Strategy initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
- 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 of Canada 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 purpose-built rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- 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: Information on this release: Jessica Eritou, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Media Relations, Canada Mortgage and Housing Corporation, 613-748-2573, [email protected]