A new 40-townhome affordable rental development is underway in the Webber Greens area of Edmonton, with all units having rents below 30% of Edmonton’s median income. The project is receiving funding through the Rental Construction Financing initiative, a National Housing Strategy program delivered by CMHC that supports affordable rental housing construction projects to encourage a stable supply of rental housing for middle-class families struggling in expensive housing markets across the country.
The Honourable Amarjeet Sohi, Minister of Natural Resources, 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) made the announcement today.
Through CMHC’s Rental Construction Financing initiative (RCFi), the federal government is committing $9.7 million for construction of the 40 three-bedroom rental townhomes. Located at 787 Lewis Greens Drive NW, the development is in an established neighborhood with well-developed schools and community facilities, and with easy access to retail amenities, ideal for middle-income families.
"Our Government is committed to increasing the supply of rental units for Canadians. The Rental Construction Financing initiative is a pillar of our National Housing Strategy, and one that's gaining tremendous momentum across the country. This project and others like it are helping to ensure every Edmontonian has a place to call home."
“This investment will continue to help middle-class Edmonton families access safe and affordable housing, while also creating jobs for the local economy. Tackling housing affordability is a complex undertaking—to spur construction in the rental segment, the National Housing Strategy’s Rental Construction Financing initiative works with developers to bring more affordable rental homes to the market. We’re building communities where families can afford to stay closer to amenities and public services, and this development is a step in the right direction.”
“SevenEightyseven Condos is thrilled to participate in CMHC’s RCFi initiative. The program allows us to build high end, net-zero ready, family friendly and affordable homes for Edmonton’s rental market. We believe that the most exciting part of this program is having the opportunity to build accessible units. This will allow us to service a smaller group of people who are renters and have limited mobility.”
- The project has strong energy efficiency outcomes and is designed to achieve a 48% savings in energy consumption and a 20% reduction in greenhouse gas emissions relative to 2015 model building codes.
- The overall project is considered accessible, with 10% (4 of 40) of units being constructed with in-home elevators and accessibility features.
- 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 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.
- 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. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn 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.
Information on this release:
Office of the Minister of Families, Children and Social Development