Making Housing More Affordable for Middle-Class Families in Ajax

Logo: Canada Mortgage and Housing Corporation (CNW Group/Canada Mortgage and Housing Corporation) (CNW Group/Canada Mortgage and Housing Corporation)

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

AJAX, ON, Feb. 11, 2019 /CNW/ - Hard working middle-class families in Ajax deserve to have a safe and affordable place to call home where they can thrive and spend more time with their children.

Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 308 new rental housing units in Ajax to help middle-class families have an affordable place to live.

Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is providing $60 million to Medallion Developments for the construction of phase 1 of the 3 phase development known as Vision at Pat Bayly Square. The 25-storey building will provide safe and affordable homes to 308 families. All units will have rents at or lower than 30% of median household income in the area and at least 10% of the units will be accessible.

This project will provide affordable housing options close to public transit, schools and services for modest and middle-income households. 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 in communities where their families can thrive and children learn and grow. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one 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 

"This investment is wonderful news for the Ajax middle-income families that will move into these new affordable rental housing units. It will contribute to build a foundation for their social and economic success as well as help create new jobs and stimulate the local economy of our fast-growing municipality." – Mark Holland, Member of Parliament for Ajax

"Medallion Developments applauds the initiative taken by the Federal Government through CMHC to launch the National Housing Strategy and are proud to be participating in this program. The financing provided has enabled Medallion to build much needed rental housing that will be affordable for so many Canadians. We appreciate the exceptional assistance we received from CMHC to complete this financing." – Peter W. Grater, Vice-President-Finance, Medallion Developments Inc.

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 Ajax is at 1.3%.
• The 25-storey building will achieve energy savings of 17.8% and a reduction in greenhouse gas emissions of 25%.
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.

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, Instagram 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

Valérie Glazer, Press Secretary, Office of the Minister of Families, Children and Social Development, 613-220-1841, [email protected]; Catherine Léger, CMHC Public Affairs, 514-475-5165, [email protected]

Related Links

www.cmhc-schl.gc.ca