The federal government announces more than $215 M for the construction of nearly 657 rental units

Today, the federal government announced an investment of more than $215 million for 657 new rental units in four housing projects on Montréal’s South Shore. Funding is provided as fully repayable, low-interest loans through the Apartment Construction Loan Program (previously the Rental Construction Financing Initiative (RCFi).

Alexandra Mendès, Member of Parliament for Brossard – Saint-Lambert, made the announcement on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, at Fluvia in Brossard.

Fluvia is a high-rise apartment building located at 7140 Marie-Victorin in Brossard. It has 185 housing units, and is conveniently located near schools, parks and services. Close to the Champlain Bridge and built along the Saint Lawrence Seaway, Fluvia is well located and has easy access to highways and public transit. It received more than $67 million in funding through the Apartment Construction Loan Program.

Rental construction in Canada hasn’t kept pace with city and population growth. As a result, existing rental stock has been declining for decades and is aging. To address this issue, the federal government launched the Apartment Construction Loan Program to support rental housing construction across the country. Increasing the overall supply of rental housing is key to creating stronger, more vibrant communities where people can be proud to live.

Quotes:

“We need to increase the housing supply. That is why we’re making strategic investments in programs like the Apartment Construction Loan Program to build much-needed rental housing across the country. Everyone in Canada deserves a safe place to build and live their lives. We’re committed to making this goal become a reality.”

“The Government of Canada is committed to working with communities to rise to the challenge of building more housing on the South Shore of Montréal. Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing more than $215 million in nearly 657 units. This new housing will benefit middle-class individuals and families while stimulating the local economy.”

Quick facts:

• The Apartment Construction Loan Program provides 100% repayable, low-interest loans to help boost rental construction for middle-class Canadians. This initiative has a positive impact on the housing system at minimal cost to taxpayers.
  • It is one of many National Housing Strategy (NHS) programs and initiatives designed to help meet need across the housing continuum.
  • It complements other NHS initiatives that emphasize funding for affordable housing for low-income households.
  • Through it, the federal government is encouraging the construction of more than 71,000 rental units.
  • A stable supply of purpose-built rental housing is essential to ensuring that more Canadians 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, Canada Mortgage and Housing Corporation (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, please visit www.placetocallhome.ca.

See the National Housing Strategy Housing Funding Initiatives Map to learn about the affordable housing projects that have been developed in 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

Appendix — Housing projects funded through the Apartment Construction Loan Program on the South Shore of Montréal