Making Housing More Affordable for seniors in Tillsonburg

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

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

TILLSONBURG, ON, April 23, 2019 /CNW/ - Hard working residents of Tillsonburg deserve to have a safe and affordable place to call home where they can thrive.

Today in Tillsonburg, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs), on behalf of 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 16 new rental housing units to help more people have an affordable place to live.

Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $1.54 million for the construction of a multi-residential 16-unit building. All 16 units will be rented at affordable rates with rents lower than 30% of median family income and set at 80% of the average market rent in the area.

Located at 13 Sanders Street, this project, developed by the Town of Tillsonburg Non-Profit Housing Corporation, will provide affordable housing options close to public transit and services for modest and middle-income seniors.

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 households struggling in expensive housing markets.

Quotes

"These investments create good jobs and grow the local economy, helping people in the community that will soon move into these safe and affordable rental housing units. These projects are making a big difference in building a more sustainable future through more energy-efficient and affordable homes. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today" – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development (Housing and Urban Affairs)

"The Town of Tillsonburg has been proud to assist in the facilitation of the valuable introduction of additional affordable housing units for the senior population in our community. This environmentally sensitive project has been realized through the leadership of Tillsonburg Non-Profit Housing Corporation, the County of Oxford and the CMHC. It is truly a project of People Helping People and will prove to be a model for additional developments in our community and region in the future" – Stephen Molnar, Mayor, Town of Tillsonburg

"Affordable rents at the Sanders Street seniors apartments are possible because of CMHC's Rental Construction Financing initiative and the financial support of Oxford County. Both saw the need for more affordable rental housing and supported this building's Net Zero energy efficiency. RCFi's long term financing facilitated the affordable rents offered by the Town of Tillsonburg Non-Profit Housing Corp." – Stephen Culig, committee member, Town of Tillsonburg Non-Profit Housing Corp

Quick Facts

• 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.
• Budget 2019 proposes to expand the Rental Construction Financing initiative by $10 billion over 9 years to support the construction of 28,500 additional rental units in communities across Canada, increasing the total loans available to $13.75 billion and the construction of 42,500 total units.
• Low-cost loans are available to borrowers who want to build a mix of market and 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 Tillsonburg is at 1.3%.
• All 16 units of the Sanders Street project will be accessible and 13 will be adaptable.
• The project is designed to achieve reduction in energy use and in greenhouse gases of 32% relative to the 2015 NECB.
• The Tillsonburg Non-Profit Housing Corporation currently operates two rent-geared-to-income properties in Tillsonburg: Maple Lane Seniors Residence and Townview Terrace.
• 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 cmhc.ca/financinginitiative.
• 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]; Spencer Magee, Public Affairs, Canada Mortgage and Housing Corporation, 647-244-0040, [email protected]

Related Links

www.cmhc-schl.gc.ca