More Rental Housing for Families in Hope

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

HOPE, BC, Sept. 16, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Hope now 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) announced that the federal government financed $5.1 million for the construction of 40 residential units located at 1270 Ryder Street in Hope.

This modular construction project by Anhart Homes received financing 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 in expensive housing markets and those families working hard to join them.

Anhart Homes is the development subsidiary of Anhart Community Housing Society, a privately funded charity committed to preventing homelessness through creating and operating affordable housing for people with household incomes less than $52,000. It has owned and operated low-income housing since 2002.

Quotes

"Current events remind us that nothing is more important than a home. Canada's middle class and those looking to join them will benefit from the construction of new rental housing. Through new investments, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities families need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC

"Anhart is grateful to all of our supporters including our construction partners, our funding partners, the District of Hope, and private lenders for their contribution and encouragement in making this much-needed rental community a reality" – Crystal Wiebe, Anhart Homes

Quick Facts

• The development involves the modular construction of a 3-storey building that features 40 residential units, composed of 31 studios, 6 two-bedroom units and 3 three-bedroom units.
• This is the first modular housing project supported by the Rental Construction Financing initiative.
• Rents for all 40 units are below 30% of the area's median income, 19 of which will be held affordable for 21 years.
• 10% of the units (4 units) will be accessible in line with universal design principles.
• This project is designed to achieve energy-efficiency savings of 30.4% and greenhouse gas emission reductions of 30.4% relative to the 2015 model building codes.
• 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 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. The program will run until 2027. In total, the RCFi will encourage the construction of 42,500 new rental-housing units across Canada.
• The RCFi provides lower-cost repayable loans for 10-year terms offering cost predictability during the earliest stage of rental development.
• Loans approved through the RCFi include CMHC mortgage loan insurance, which can simplify loan renewal throughout the life of the mortgage.
• The rental market is an important housing option for approximately 30% of Canadians.
• 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

Information on this release: Jessica Eritou, Office of the Minister of Families, Children and Social Development, [email protected]; Leonard Catling, Canada Mortgage and Housing Corporation, Media Relations, 604-737-4029, [email protected]

Related Links

www.cmhc-schl.gc.ca