Belleville, On: A $23 million insured loan has been sanctioned to to help construct a new residential building located at 135 Station Street, the Magnolia Garden Residence in Belleville, Ontario..
Residents of Belleville will now have access to more stable rental housing options, said Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside Neil Ellis, Parliamentary Secretary to the Minister of Agriculture and Agri-Food, and Mitch Panciuk, Mayor of the City of Belleville, said.
while making the announcement The Magnolia Garden Residence, developed by KGF Capital Realty, is a 6-storey residential building that will provide Belleville with 103 new units of much needed rental housing close to public transit, schools and services for families.
The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
Hussen said: “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.”
Neil Ellis said: “Today, our government’s Rental Construction Financing initiative (RCFi) is helping Belleville to increase its supply of new rental developments. When it is complete, the Magnolia Garden Residence will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in our community.”
Mitch Panciuk, Mayor of Belleville, added: “The Magnolia Garden Residence is such an exciting addition to the City of Belleville! Thank you to the CMHC, the Federal Government along with Minister Hussen and our local MP Neil Ellis for the $23 million insured loan to make this project a reality. Belleville is experiencing an acute housing shortage and these 103 new rental units will go a long way in improving the life of many residents. It’s been a pleasure to work with KGF Capital Reality and we look forward to it opening soon.””