Government of Canada Provides Rental Housing for over 60 Families in Peterborough

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

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

PETERBOROUGH, ON, June 7, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Peterborough 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 Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality, and Diane Therrien, Mayor of Peterborough, announced a $18.4 million low-cost loan to help construct a new residential building located at 191-203 Rink Street and 59-63 Olive Avenue, the Sawmill Residence.

Sawmill Residence, developed by Ashburnham Realty, is a 6-storey residential building that will provide Peterborough with 64 new units of much needed rental housing close to public transit, retail services, and a health care center.  

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 our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Peterborough. This new affordable rental housing will provide families better access to jobs, services and the amenities they 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)

"Today, our government's Rental Construction Financing initiative (RCFi) is helping Peterborough to increase its supply of new rental accommodation. As a well-planned, multi-generational project, the Sawmill Residence will offer fresh housing options for families and individuals in the very heart of our community. We all know that adequate and affordable housing is foundational for people in our region and is a sign of a strong and resilient Canada. As we build back better, we must leave no one behind." – The Honourable Maryam Monsef, Minister of Rural Economic Development and Minister for Women and Gender Equality

"Affordable, accessible housing is a priority for the City of Peterborough. We are grateful to Ashburnham Realty for recognizing the importance of the private sector in providing housing to all. We thank the Government of Canada for continuing to invest in housing in our community. Housing is a human right and we will continue working to ensure that everyone has a safe place to live." – Diane Therrien, Mayor of Peterborough

"Breaking ground on this project has been a long time coming for us and our community. The location around Little Lake and Del Crary Park is a true picture of all our city has to offer. The name stems from a history of the surrounding location, rich in the lumber industry. Even to this day, we found sawdust in the ground during the initial site examinations. Thus the name "The Sawmill" Residence (designed by the award-winning Lett Architects), was chosen to bring a bit of that history back from our city's past. This development will create some high-quality living options, accessible to all needed services in the area. The building will be six stories with a mix of one, two and three bedroom suites, as well, highly energy efficient and have a large number of fully accessible suites. This project would not be possible without the RCFI program and the help we received from our government and City staff. It truly is a team effort to bring projects like this to fruition. Our amazing team who planned this project include: Lett Architects, Engage Engineering, DG Biddle Engineering, Taylorwood and Basterfield and Associates Landscape Architects. We believe the final product will show off the skills of all these amazing firms. We believe "A City is only as strong as its Heart". Our hope for this building (as well all the other exciting developments on the horizon) is that it will help to alleviate the housing issues we have within our City and create a thriving and vibrant Downtown." – Paul Bennett, Owner of Ashburnham Realty

Quick facts:

• The vacancy rate in the City of Peterborough is at 2.6% (October 2020).
• 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.
• Budget 2021 proposes that $300 million over two years (2021-22 and 2022-23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
• 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.
• To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.

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, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

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

Related Links

www.cmhc-schl.gc.ca