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Today, the federal government announced more than $60 million to build 204 purpose-built rental homes across two projects in Kingston and Peterborough. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made at the 11 Wright Crescent project by Mark Gerretsen, Member of Parliament for Kingston and the Islands, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
Located at 11 Wright Crescent in Kingston, this project is a six-storey apartment building containing 129 purpose-built rental units. Suites range from bachelor to two-bedroom units. Each units includes a balcony or patio and modern finishes. The building is located close to community amenities such as grocery stores, the library, the YMCA, as well as a Kingston transit hub. Construction is expected to be completed by early 2024.
The second project announced today, located at 282 Aylmer Street in Peterborough, is a six-storey apartment building containing 75 purpose-built rental units and 11,000 square feet of commercial space. The building is located near parks, shops, the library, and public transit stops. The building will also recognize the history and culture of Montreal House, a site of significance to the local Francophone community. It is expected to be completed by the fall of 2024.
Funding details for the two projects include:
- $39.3 million from the RCFi for 129 units at 11 Wright Crescent in Kingston;
- $21.4 million from the RCFi for 75 units at 282 Aylmer Street in Peterborough.
Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
Quotes:
“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
“Through programs like RCFi, our government is helping create jobs and provide safe and secure housing for middle-income individuals and families. When complete, these two developments will bring 204 more rental housing units to Kingston and Peterborough, and a new place to call home for families in these communities.”
“From our perspective, the RCFi was critical in establishing the viability of this project. The program provides the financing strategies that facilitate the much needed construction of new housing with modern amenities while ensuring sustainability and accessibility. We are proud to be the first developer to introduce the program to the Kingston market.”
Quick facts:
- The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
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The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage
the construction of more purpose-built rental housing for middle income
Canadians. It creates a positive impact to the housing system at minimal
cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
Additional information:
Visit Canada.ca/housing for the most requested Government of Canada housing information.
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 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.
To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
Information on this news release
Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
micaal.ahmed@infc.gc.ca
Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca
