Federal Government announces over $20 million for new rental homes in Orillia

Today, the federal government announced more than $20 million to build 48 purpose-built rental homes in Orillia. Financing will be obtained in the form of low-interest, fully repayable loans through the Rental Construction Finance Initiative (RCFi).

Located at 175 Oxford, Kindred Works' Regent Park House will transform an underutilized parcel of land into a medium-density housing development, through three-story walk-up apartment units with a total of 48 units. There will also be a garden to make it more lively and sustainable for the neighbors.

Construction of the project is expected to be completed in spring 2025.

Rental housing construction in Canada has not kept pace with the growth of the country's cities and population, leading to a decline in the existing and aging rental housing stock for decades. To address this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger, more vibrant communities that Canadians can be proud to call home.

Quotes:

“We need to increase the supply of housing, which is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. “All Canadians deserve a safe place to build and live their lives, and we will make sure this becomes a reality.”

“The federal government’s Rental Construction Financing Initiative is doing exactly what it was designed to do: enabling the construction of safe, mixed-income rental housing for Canadians across the country. We are delighted to have our Orillia project, Regent Park House, be part of this initiative. Through this program, we will be able to provide one-third of below-market rent units that meet the basic housing needs of the residents of the Orillia community.”

“We are excited that Regent Park House in Orillia is underway, it represents our commitment to achieving carbon neutrality in our developments. The project is designed to use very little energy and generate as much electricity as it uses for a year, resulting in zero carbon emissions in operations. “Through careful selection of materials, we are also achieving a 50 percent reduction in embodied carbon in building materials.”

Fast facts:

• The Government of Canada National Housing Strategy (NHS) is an ambitious 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
• He Rental Construction Finance Initiative (RCFi) Provides low-interest, fully repayable loans to encourage the construction of more purpose-built rental housing for middle-income Canadians. Creates a positive impact on the housing system with minimal cost to taxpayers.
  • RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing spectrum.
  • RCFi It complements other NHS initiatives that focus on funding affordable housing units for low-income households.
  • Through RCFiThe federal government is encouraging the construction of more than 71,000 rental units.
  • A stable supply of purpose-built rental housing is essential so that more people in Canada have access to housing that meets their needs.

Additional Information:

Visit Canada.ca/housing
for the most requested housing information from the Government of Canada.

As Canada's housing authority, CMHC contributes to the stability of the housing market and financial system, provides support to Canadians in need of housing, and provides impartial research and advice on housing to all levels of the Canadian government, consumers and the public. housing industry. CMHC's goal is for everyone in Canada to have a home they can afford and that meets their needs. For more information, follow us on
Twitter,
instagram,
Youtube,
LinkedIn
and Facebook.

To learn more about the National Housing Strategy, visit:
www.placetocallhome.ca

Consult the National Housing Strategy
Map of housing financing initiatives to see affordable housing projects that have been developed across Canada.

Information about this press release

Ahmed Mical
Office of the Minister of Housing, Infrastructure and Communities
micaal.ahmed@infc.gc.ca

Media relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca