Making Housing More Affordable for Middle-income Families in Ottawa

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

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

OTTAWA, Feb. 19, 2020 /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 soon have access to more stable rental housing options that are affordable to the middle-class, and those working hard to join it.

Today, the Honourable Ahmed Hussen, 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 Infrastructure and Communities, and Member of Parliament for Ottawa Centre, announced that the federal government is investing $115 million to help construct a 27-storey, mixed-use residential building, comprising of 321 units located at 383 Albert Street in Ottawa.

Of these new units, 65 of them will have rents that will fall at or below 21% of the median household income in the Ottawa area and those units will remain at affordability levels for 21 years past first occupancy, which will provide affordable housing options close to public transit and services for modest and middle-income individuals and families.

This project, developed by Claridge Homes, is receiving funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families struggling in expensive housing markets across the country.

Quotes

"Every Canadian deserves a safe and affordable place to call home. Through the National Housing Strategy, our Government is increasing the number of rental units for Canadians by providing affordable housing options that are close to public transit, schools and services for hard-working middle-income families. These investments also create great jobs and grow the local economy. This project by Claridge Homes is wonderful news for the middle-income individuals and families in Ottawa who will soon have a new place to call home." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC

"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. I want to congratulate Claridge Homes as this is their second rental housing project in Ottawa Centre that we have the pleasure of announcing under the Rental Construction Financing initiative." – The Honourable Catherine McKenna, Minister of Infrastructure and Communities, and Member of Parliament for Ottawa Centre

"Working with CMHC's program has allowed us to help tackle the challenge of escalating rents that create housing challenges for so many by allowing us to increase the supply and choices available in the Ottawa market." – Neil Malhotra, Chief Financial Officer, Claridge Homes

Quick Facts

• Of the total units, 10% will meet or exceed local accessibility standards; two (2) units will be universal design, and two (2) units will be adaptable
• This project is designed to achieve energy efficiency savings of 22.3% and reduced greenhouse gas emissions of 28.8% relative to the 2015 NECB.
• The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households 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 of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
• The rental market is an important housing option for approximately 30% of Canadians.
• This project represents a major new supply of purpose built rental housing in Ottawa where vacancy rates in 2019 were 1.8%.
• Low-cost loans are available to borrowers who want to build purpose built rental housing in Canada in response to demonstrated community need.
• 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.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

Maya Dura, Senior Special Assistant, Communications, Office of the Minister of Families, Children and Social Development, 873-354-8265, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, Media Relations, 613-748-2573, [email protected]

Related Links

www.cmhc-schl.gc.ca