BRAMPTON: Prime Minister, Justin Trudeau, on Monday announced an investment of nearly $120 million to help build a new 26-storey multi-residential, energy-efficient building in Brampton, Ontario.
This project will help over 300 local families find rental housing units.
Trudeua was joined at the Mount Pleasant event by Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation Ahmed Hussen and Transport Minister Omar Alghabra, as well as Brampton-area Liberal MPs Maninder Sidhu, Kamal Khera, Ruby Sahota, and Sonia Sidhu.
Trudeau said : “We know that finding an affordable place to live is a challenge for many Canadians in communities across the country. Today’s announcement is great news for families in Brampton, and the Government of Canada will continue to invest to increase affordable housing options for all Canadians. We will keep working to ensure that everyone can find a place to live, raise their families, and build their future.”
The Prime Minister also announced another $5 million in funding to help over 320 Ontario families and individuals find a place to live and build their future. This funding will be delivered through the Affordable Housing Innovation Fund, which was expanded in Budget 2021, and will build a total of 30,000 affordable housing units for Canadians.
Through this initiative, he told a gathering in Hamilton on Tuesday the government would be helping to build 95 new rental units in Hamilton, 72 in London, 68 in Mississauga, 50 in Simcoe, and 43 in Kitchener. All projects will be built with energy-efficient passive housing design, which will result in significant reductions in the energy consumption and pollution of the buildings.
This will lower operating costs for building operators and increase affordability for tenants. The five projects are being developed by Indwell, a supportive non-profit housing provider, developer, and property manager that has more than 25 years of experience and has developed over 600 rental units in Ontario.
In Hamilton, the government announced $10.8 million in December 2020 through the RHI to support the creation of 45 new affordable units in under 12 months, and recently announced that additional funding will be provided to Hamilton under the second phase of RHI through Budget 2021.
“A solid and reliable supply of rental housing is critical to ensuring that more Canadians have access to housing that is affordable and meets their needs. This announcement is part of the Rental Construction Financing Initiative, which supports rental housing construction projects across the country by providing low-cost, insured loans to developers and municipalities in places where there is a need for additional rental housing units,” a statement from the Prime Minister’s office said.
Since 2015, through programs like the First-Time Home Buyer Incentive and the Rapid Housing Initiative, the Government of Canada has helped more than one million Canadians have a safe and affordable place to call home.
The government is committed to eliminating chronic homelessness in Canada and will continue working to grow the middle class, build back strong communities, and make life more affordable for Canadians.
Ahmed Hussen said: “Every Canadian deserves a place to call home. That’s why the government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Brampton. This new rental housing will provide families better access to jobs, services, and the amenities they need. This is the National Housing Strategy at work.”
The project is located at 40 Lagerfeld Drive in Brampton, Ontario, and is being developed by The Daniels Corporation and the Choice Properties Real Estate Investment Trust (REIT). As one of the largest developers in Canada, The Daniels Corporation has built more than 30,000 homes and condominiums in the Greater Toronto Area over the last 35 years.
Choice Properties REIT is one of the largest REITs in Canada.
• The Affordable Housing Innovation Fund, launched in 2016, is a $200 million fund delivered by the Canada Mortgage and Housing Corporation, under the National Housing Strategy.
• The Rental Construction Financing Initiative (RCFI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the National Housing Strategy (NHS).
• Canada’s NHS is an ambitious, 10-year plan that will invest over $72 billion to give more Canadians a place to call home. Launched in 2017, the NHS is building and repairing thousands of housing units, and helping households with affordability support.
• Through the RCFI, the Government of Canada is facilitating the construction of more than 71,000 new rental housing units.
• To help Canadians find affordable housing, Budget 2021 provides $2.5 billion over seven years in new funding, and reallocates $1.3 billion in previously announced funding, to speed up the construction, repair, and support of over 35,000 housing units.
• As part of the reallocated funding, Budget 2021 allocates $300 million from the RCFI over two years, in 2021-22 and 2022- 23, to support the conversion of vacant commercial property into 800 rental housing units. This plan provides an opportunity for property owners and communities to explore converting excess space into rental housing.