OTTAWA, Sept. 21, 2018 /CNW/ - The lives of hard working middle-class families in Ottawa deserve a safe and affordable place to call home where they can thrive and spend more time with their children.

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) and the Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre, today, announced an investment of $74.7 million for the construction of 243 new rental housing units in Ottawa to help middle-class families have an affordable place to live.

Through CMHC's Rental Construction Financing initiative (RCFi), the federal government investing in two projects, including:

• $70.8 million for the construction of a twenty-seven storey building with 227 rental housing units of which over 200 will have rents lower than 30% of median household income in the area. The Claridge Homes housing project, located at 70 Gloucester Street, will achieve strong accessibility and energy efficiency outcomes with more than 10% of units being accessible and projected energy-efficiency savings of 50%.
• $3.9 million for a passive housing Centretown Citizens Ottawa Corporation project on Arlington Avenue. It will feature 16 rental housing units with rents well below 30% of median household income in the area. With its innovative design, it will achieve energy-efficiency savings of 56% and four units will be accessible.

These projects will provide affordable housing options close to public transit, schools and services for middle-income families. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.

Quotes

"Through the National Housing Strategy, more middle class Canadians - and those working hard to join it - will find safe, accessible and affordable homes where their families can thriveand have the stability and opportunities they need to succeed. Our Government is committed to increasing the supply of rental units for Canadians through projects like the ones we are announcing today." – The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation

"These investments create good jobs and grow the local economy, helping families in our community that will soon move into these safe and affordable rental housing units. These projects are making a big difference in building a more sustainable future through more energy-efficient and affordable homes." – The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre

"The Rental Construction Financing initiative loan from CMHC made this project viable and helps us provide more affordable housing. CCOC is proud of our legacy on this site and at our 50 other properties; partnerships with CMHC help us fulfill our mission and renew our housing." – Bill Rooney, President, Centretown Citizens Ottawa Corporation

"Claridge wishes to thank CMHC for creating a program to promote innovative and socially responsible housing options for Canadians. The Rental Construction Financing initiative spurred the development of 70 Gloucester, which will contain over 200 affordable rental apartments including more than 10% accessible units with close proximity to the new Confederation Line in Ottawa. The project represents a major step forward in sustainable design with ambitious design targets to reduce energy consumption by 50% and reduce carbon emissions by over 75% with an integrated geothermal system for the project." – Neil Malhotra, Vice President, Claridge Homes

Quick Facts

• The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class families struggling in expensive housing markets.
• Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion from 2018 to 2021.
• The RCFI will encourage the construction of more than 14,000 new rental housing units across Canada.
• Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
• The rental market is an important housing option for approximately 30% of Canadians.
• The rental market vacancy rate in Ottawa is at 1.7%.

Associated Links

• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn and Facebook.
• For more information about the Rental Construction Financing Initiative or to apply, please visit www.cmhc-nhs.ca.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

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