Ontario Construction News staff writer
Projects to build affordable housing in Newmarket and Thorald got a $95 million financial boost last week from all three levels of government.
Funding is for the construction of 60 new homes in Thorold and 175 purpose-built rental homes in Newmarket.
Newmarket will receive a fully repayable low-interest loan of over $77 million through the Rental Construction Financing Initiative (RCFi).
“Today’s announcement of $77 million in financing for The Rose Corporation’s 200 Deerfield Road project, will significantly add to the rental housing stock,” said Newmarket-Aurora MP Tony Van Bynen. “Long term rentals that are well served by public transit and close to the amenities people want when choosing where to live are vitally important to building healthy, liveable communities.
“Providing fully repayable low-interest loans to developers such as The Rose Corporation is but one example of how our government is moving forward to address affordable housing options.”
The announcement took place at 200 Deerfield Rd. in Newmarket, where The Bakerfield Phase II is being constructed by The Rose Corporation. The building will offer purpose-built rental homes for middle-income individuals and families. Of the 175 units available, 31 will be accessible, and the project will be certified for compliance with the Accessibility for Ontarians with Disabilities Act (AODA).
Being built with a sustainability focus, this building is committed to promoting energy-efficiency and will be expertly managed to cater to the unique needs of each resident. With thoughtfully selected amenities, it aims to provide a modern and comfortable living space, ensuring that all residents can enjoy their future homes.
Construction started in March 2022, and substantial completion is expected in Fall 2024.
“As we build more housing, we need to focus on homes that are affordable for people at every income level,” said Newmarket Mayor John Taylor. “In order to tackle the affordability crisis we will need to build a range of housing types, including more purpose-built rental homes like those on Deerfield.’
Thorold’s development at 5 Baker St. is owned and operated by Thorold Municipal Non-Profit Housing Corporation and the building features 60 units for seniors, 12 of which will be fully wheelchair accessible. The project’s sustainability goas include a 30.3 per cent reduction in energy consumption and 33.5 per cent decrease in greenhouse gas emissions.
Construction of the project is expected to be complete by Fall 2024.
Funding for this project includes:
- $14.8 million from the Government of Canada through the National Housing Co-Investment Fund, a key pillar of the National Housing Strategy (NHS)
- $1.5 million from the Thorold Municipal Non-Profit Housing Corporation
- $700,000 from the City of Thorold
- $745,400 from the Niagara Region
- $110,000from the Government of Canada through SEED funding;
- $2.3 million from the Government of Canada through the New Building Canada Fund’s Small Communities Fund (previously announced);
- $2.3 million from the Province of Ontario through the New Building Canada Fund’s Small Communities Fund (previously announced).
“Thorold Non-profit is very pleased to see this much needed seniors housing development under construction. We appreciate the efforts of everyone involved and our board is thankful for the support given by the various levels of government to help make this a reality,” said John Kenny, board chair, Thorold Municipal Non-Profit Housing Corporation.
