Ontario Construction News staff writer
The federal government will provide loans worth more than $90 million to construct affordable rental housing units in Scarborough, Tecumseh and Belleville.
In north Scarborough, the government announced a $42 million low-cost loan of to help build a new residential property on Thunder Grove Road.
Ridgeford Place, by the Ridgeford Charitable Foundation, is a 12-storey residential building with 186 new rental housing units 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 construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
“It has become clear, in the past year, that nothing is more important than a home. Hard-working families in Scarborough deserve a safe and affordable place to call home, where they can thrive and spend time with their loved ones,” said Shaun Chen, Scarborough North MP. “Together, we are investing in a generation of new permanent housing that we can all be proud of.”
The Project is designed to achieve energy efficiency savings of 16.6% and greenhouse gas emission reductions of 26.4%, relative to the requirements of the 2015 National Energy Code for Buildings and 27 units will be accessible.
Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
“Increasing the supply of affordable rental housing has been a top priority for me as Mayor and we have set ambitious goals for our city in our housing plan,” said Toronto Mayor John Tory.
“This new project in partnership with the federal government allows us to continue moving forward in meeting these goals and ensuring that every resident in our city has a roof over their head. We know as a city, we cannot do this alone which is why these partnerships with the federal government are so important.”
The City of Toronto is contributing $6.9 million in incentives to ensure that all 186 rental homes at 23 Thunder Grove in Scarborough North are affordable and can remain affordable for a minimum of 25 years.
“Partnerships like this one, where governments and the non-profit sector work together allow us to deliver affordable housing to residents in our city,” Tory said.
Canada’s National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home — this includes more than $13 billion committed through the 2020 Fall Economic Statement. Ridgeford Place, by the Ridgeford Charitable Foundation, is a 12-storey residential building that is providing Scarborough North with 186 new units of much needed rental housing close to public transit, schools and services for families.
The Town of Tecumseh will receive a $25.27 million loan to help build 99 rental units, part of Tecumseh Gateway Tower at 11870 Tecumseh Rd. E. The project includes a six-storey multi-residential building with a gym and an outdoor landscaped area. At least 31 of the units will have rents affordable at or below 30 percent of the local household median income.
“I am incredibly thrilled to be bringing this purpose rental project to The Town of Tecumseh,” said Peter Valente, president, Gateway Tower Inc. “We have many projects we are working on, but I am very proud to be part of this project to serve a need for more affordable housing product in Windsor & Essex County.”
In Belleville, the federal government committed $23 million for construction of a residential building on Station Street.
Developed by KGF Capital Realty, the Magnolia Garden Residence is a six-storey residential building that will provide Belleville with 103 new units of housing close to public transit, schools and family services.
All three projects received loans through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.