Canada Providing Rental Housing in Laval

Government of Canada (CNW Group/Canada Mortgage and Housing Corporation)

Canada Mortgage and Housing Corporation (CMHC) (CNW Group/Canada Mortgage and Housing Corporation)

LAVAL, QC, March 29, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Laval will soon have access to more stable rental housing options.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), together with Annie Koutrakis, Member of Parliament for Vimy, announced nearly $66.3 million to help construct 193 residential units in Laval, Québec.

This investment will provide new housing options close to public transit, schools and services for families in Laval.

Central Park Laval, an impressive 18-storey residential building, is receiving a low-cost loan through the Government of Canada's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects. The program encourages a stable supply of rental housing to support middle-class families facing expensive housing markets.

Quotes

"Every Quebecer deserves a safe and affordable place to call home. Our Government is committed to ensuring that our investments meet the housing needs of residents here in Laval and across the country. We will continue to increase the supply of rental units, while creating well-paying middle-class jobs and strengthening our economy." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible Canada Mortgage and Housing Corporation (CMHC)

"Current events remind us that nothing is more important than a home. By supporting this new project, we are providing housing options that are closer to jobs, services and amenities for Laval families. We believe that every Canadian deserves a safe and affordable place to call home and through the National Housing Strategy, investments like the one we are announcing today bring us closer to achieving this goal." – Annie Koutrakis, Member of Parliament for Vimy

"The RCFi accelerated our ability to quickly add essential housing to an undersupplied market. Critically, along with the affordability requirement, the framework ensures that the product is constructed with quality, accessibility and environmental efficiency as foundational concepts. We are very excited with the result, which is both affordable and something most Canadians would be proud to call home." – Loren Michaud, Saroukian Group – Central Park Laval

Quick Facts

• The Government of Canada acknowledges Central Park Laval is located on the traditional and unceded territory of the Kanienʼkehá꞉ka (Mohawk).
• Annual rents of 106 of the 193 units in the building will be well below 30% of the median household income in the area. These affordable rent levels will be maintained for a minimum of 16 years from the date of first occupancy.
• These 193 units will serve to meet the strong demand for rental units as Laval's vacancy rate is currently at 2% (October 2020).
• This project has barrier free access. At least 22 of the units offer universal design and meet local accessibility standards.
• The building is designed to achieve a minimum 22.1% decrease in energy- intensity and a 15.6% reduction in greenhouse gas emissions, relative to the requirements in the 2015 National Energy Code for Buildings.
• The goal of the RCFi is to increase the supply of new purpose-built rental housing options for middle class households across Canada, enabling them to live in the cities and communities that they work in.
• Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
• A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
• 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.
• Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
• 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 $12 billion committed through the 2020 Fall Economic Statement.

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. CMHC's aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
  
  
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Media relations, Canada Mortgage and Housing Corporation, [email protected]

Related Links

www.cmhc-schl.gc.ca