VICTORIA, BC, Sept. 14, 2018 /CNW/ - The lives of hard working middle-class Canadian families will be improved as they will soon have a safe and more affordable place to call home where they can prosper and thrive.
The Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility, 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), today announced the construction of 47 new rental housing units, including five that are fully accessible, in Victoria.
Urban Core Ventures, doing business as Vancouver Island Investment Corporation, will benefit from a $21.1 million investment through the Rental Construction Financing initiative (RCFi) for the construction of its five-storey building. Thanks to the RCFi, this for-profit organization changed its intention from developing condo units to creating rental units.
Designed to achieve energy efficiency savings of 18% and located at walking distance from downtown, up to 21 units at the project will have rental rates well below 30% of the median household income in the area for a period of 15 years.
Responding to strong rental unit demand in Victoria, 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 through CMHC, supports the creation of a stable supply of rental housing across the country for middle-class families struggling in expensive housing markets.
"This National Housing Strategy investment will help build a foundation for 47 families and individuals that will soon move into these new rental housing units. For our Government, the Strategy is more than just building houses—we want to create homes that are affordable, energy efficient and accessible. We want to create communities where people can live close to jobs, schools, public transit and other services, like this project in Victoria." — The Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility
"I'm passionate about creating housing options for people from all walks of life. I hope you will join me in celebrating the difference our Cook Street project will make and I look forward to announcing upcoming projects for you to consider in the future." — Leonard Cole, President of Urban Core Ventures
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]; Gabriel Teo, Public Affairs, Canada Mortgage and Housing Corporation, 604 737-4137, [email protected]
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