TORONTO, Sept. 18, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada and a unique partnership with the United Church of Canada, up to 5,000 new affordable housing units will be built across the country over the next 15 years.
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 Affordable Housing Innovation Fund is providing the United Church of Canada's newly formed development corporation, United Property Resource Corporation (UPRC), with a $20 million line of credit to be accessed for pre-development and pre-construction costs as the UPRC builds affordable housing across Canada. The UPRC will develop over 200 strategic sites in the United Church of Canada's land inventory.
The announcement was held at 1598 Queen Street East in Toronto, the site of the first R-Hauz all-mass timber residential building in Toronto. The environmentally sustainable building represents UPRC's commitment to fill the "missing middle" in housing across the country and advocate for progressive real estate models that are environmental and financially sustainable.
The Affordable Housing Innovation Fund is a $200 million initiative through the National Housing Strategy that has been instrumental in creating the next generation of housing in Canada. The goal of the Innovation Fund is to encourage new funding models and innovative building techniques in the affordable housing sector. The Innovation Fund:
- supports the development of innovative approaches to affordable housing
- creates inclusive and accessible communities
- contributes to the fight against homelessness
The UPRC brings professional real estate development and management expertise to collaborate with public and private partners who want to make a difference by building lasting affordable housing for all.
"Innovative approaches will help build more affordable housing in Canada, addressing the need we have across this country. By thinking outside-the-box, the United Church of Canada is contributing to providing more Canadians with housing that meets their needs and they can afford and the National Housing Strategy's Innovation Fund is assisting them with some of the significant upfront costs to get started with these developments."– The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC
"UPRC represents an exciting opportunity to reimagine Canadian neighbourhoods by building diverse, affordable, places where all can live, gather and thrive. We are not just building housing we are building homes and communities for all Canadians. If these community assets were sold today the vital benefit to our neighbourhoods would be lost forever. With the assistance of the Affordable Housing Innovation Fund, our vision to develop open resilient sustainable communities can truly be realized." - Tim Blair, CEO, United Property Resource Corporation
- Today's announcement was held at 1598 Queen Street East, the traditional territories of the Ojibway, the Anishnabe and the Mississauga's of the New Credit. The territory is covered by the Upper Canada Treaties
- The UPRC commits to building a minimum of 5,000 affordable housing units – both rental and ownership – over the next 15 years
- More than 30 projects are currently under development by the UPRC
- A minimum of LEED Gold Certification or equivalent will be pursued for each of the UPRC's projects, with a commitment to reduce greenhouse gasses and energy use by a minimum of 10% compared to Canada's National Energy Code for Buildings for 2017
- At least 10% of units in a project will meet or exceed minimum local building code requirements for accessibility. All common areas will be fully accessible
- UPRC works alongside the largest landowner groups in Canada to unlock value in real estate that is then reinvested in social purpose. The National Trust estimates 9,000 communities of faith will close over the next decade, creating huge opportunity to repurpose assets and build sustainable communities open to all.
- The Affordable Housing Innovation Fund is providing $200 million over 5 years for projects that showcase new funding models and innovative building techniques, lowering the costs and risks of financing affordable housing projects and helping to make the affordable housing sector more attractive for private market developers and investors.
- The Government of Canada is currently rolling out its National Housing Strategy (NHS), an ambitious 10-year, $55 billion plan that will create 125,000 new housing units and lift 530,000 families out of housing need, as well as repair and renew more than 300,000 housing units and reduce chronic homelessness by 50 percent
- 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: on this release: Jessica Eritou, Office of the Minister of Families, Children and Social Development, [email protected]; Angelina Ritacco, Media Relations, Canada Mortgage and Housing Corporation, 416-218-3320, [email protected]; Laura Currie Ryder, United Property Resource Corporation, 416-317-9447, [email protected]; Francesca MacKinnon, R-Hauz Solutions Inc., 514-265-2546, [email protected]