Canada Mortgage and Housing Corporation (CMHC) has launched a new initiative to fund and support construction of affordable homes for middle-class families in London. Peter Fragiskatos, Member of Parliament for London North Centre, 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), has launched the initiative through CMHC’s Rental Construction Financing initiative (RCFi) and announced the construction and funding of 69 new rental housing units in London.
He said: “Our Government is investing in healthier energy efficient homes. This investment is wonderful news for the London 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 our local economy.”
For the construction of the 6-storey building, the federal government is investing over $4.9 million, that will provide safe and affordable homes to 69 families. All units will have rents at or lower than 30 per cent of median household income in the area and 17 per cent of the units will be accessible.
The location of the project is at 356 Dundas in downtown London and will provide affordable housing options close to public transit, schools and services for modest and middle-income households. 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.
“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,” said The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation.
SOURCE: Canada Mortgage and Housing Corporation