OTTAWA, ON, July 12, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Ottawa will now have access to more stable rental housing options.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside The Honourable David McGuinty, Member of Parliament for Ottawa South, announced a $33.8 million low-cost loan to help construct a new residential building located at 1685 Kilborn Avenue, known as Playfair Residences.
Playfair Residences, developed by Greatwise Developments Corporation, is a 9-storey residential building that will provide the Alta Vista community of Ottawa with 120 new units of much needed rental housing within walking distance amenities like schools, parks, and shopping. The project is transit-focused, and is located on a City of Ottawa bus route, with the Kilborn/Playfair station located at the front of the property. The development will also offer residents with an on-site car sharing service.
The building consists of 120 units, all of which will have rents below 30% of median household income in the area. Fifteen percent of the units will meet municipal accessibility requirements.
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.
Quotes:
"Every Canadian deserves a safe and affordable place to call home. That's why, through this investment in Playfair Residences and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Ottawa need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
"We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government's Rental Construction Financing initiative (RCFi) is helping Ottawa to increase its supply of new rental developments. When it is complete, Playfair Residences will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in the Alta Vista community." – The Honourable David McGuinty, Member of Parliament for Ottawa South
"We are truly humbled by the level of professionalism that we have experienced dealing with CMHC over the years, not only for the re-financing of our existing rental portfolio but for the seamless approval process for the RCFi, that has made this building a reality. Our goal at Greatwise Developments, is to provide a quality living experience at affordable rents. We are thrilled about the prospect of offering the community 120 high-quality and transit-oriented rental suites, which will be ready for occupancy by early spring 2022." – Natan Ary, Vice President of Development, Greatwise Developments
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SOURCE Canada Mortgage and Housing Corporation
Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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