SUDBURY, ON, Aug. 3, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Sudbury will now have access to more stable rental housing options.
Today, Marc G. Serré, Member of Parliament for Nickel Belt, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced a $17.95 million low-cost insured loan to help construct a new multi-residential rental building targeted to seniors in Coniston, located at 11 Elm Street.
The project, developed by the Coniston Non-profit Seniors Housing Corporation, will provide 55 affordable rental units for seniors as part of a 5-storey building.
The project received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
"Every Canadian deserves a safe and affordable place to call home. That's why our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Sudbury. This new affordable rental housing will provide families better access to jobs, services and the amenities they need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"By providing financing for new housing builds like we have for 11 Elm Street here in Coniston, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for seniors here in Greater Sudbury." – Marc Serré, Member of Parliament for Nickel Belt
"It is imperative that we ensure quality, affordable, and accessible housing units are available to our aging population living in Greater Sudbury. Thanks to the efforts of the Coniston Non-Profit Seniors Housing Corporation, our community will soon have an increased inventory of housing units that future tenants can call home. As a proud supporter of this new construction, I am confident this project will have a meaningful and lasting impact on our region." – Mayor Brian Bigger, City of Greater Sudbury
"The citizens of Coniston believed in this concept from the very beginning, nine years ago. Always supportive, patient and determined, residents of this town know how important this building is for our future."- Les Lisk, President Coniston Non-Profit Seniors' Housing Corporation
Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
Budget 2021 proposes that $300 million over two years (2021-22 and 2022-23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
Canada's National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home—this includes more than $13 billion committed through the 2020 Fall Economic Statement.
To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
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, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
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