Ontario Construction News staff writer
In a campaign-style stop in Brampton on Monday, Prime Minister Justin Trudeau announced $120 million to help build more than 300 affordable housing units.
“We know that finding an affordable place to live is a challenge for many Canadians in communities across the country,” Trudeau said. 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 money is set to be used to build a 26-storey building that has been described as being “multi-residential” and “energy-efficient.”
More than 300 families are expected to be able to live in these units.
The investment is part of the federal government’s plan to “build stronger communities, create jobs, and grow our middle class, while supporting vulnerable Canadians and helping end homelessness.”
The announcement is part of the Rental Construction Financing Initiative, which supports new rental housing builds across Canada, an initiative aims to provide low-cost, insured loans to developers and cities where more rental housing is needed.
“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,” said Ahmed Hussen, minister of families, children and social development.
The project is located at 40 Lagerfeld Dr. in Brampton, 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.