Ontario Construction News staff writer
The federal government will contribute $25 million to build 108 rental homes in Sault Ste. Marie. The funding will come as a fully repayable low-interest loan through the Apartment Construction Loan Program,” said Terry Sheehan, Member of Parliament for Sault Ste. Marie.
“We are boosting housing supply; this is why we are making strategic investments through programs like the Apartment Construction Loan Program to build much needed rental units in Sault Ste. Marie and across the country.”
Located downtown at 110 Pim Street, the six-storey building will have 108 rental apartments for middle-class families and individuals.
SalDan Construction Group is the general contractor and construction will be completed by the spring of 2025.
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 Apartment Construction Loan Program to help build more rentals across the country.
“The effects of having an affordable, safe and comfortable place to live are profound and capable of transforming communities,” said Mayor Matthew Shoemaker. “The municipality is committed to doing everything we can to increase the local housing stock, and I’m grateful for support from the Government of Canada.”
As of December 31, 2023, the federal government had announced over $42.99 billion to support the creation of almost 135,000 units and the repair of over 270,000 units.
“One Ten Pim reflects the ongoing growth in Sault Ste. Marie and brings much needed residential spaces to the downtown core. This community will benefit from the addition of these modern apartments.” – Steve Perzia, Owner, The Perzia Group Ltd.
The Apartment Construction Loan Program provides fully repayable low-interest loans to encourage the construction of more rental homes for middle class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.