SAULT
STE. MARIE, ON, May 24, 2024
/CNW/ - A solid and reliable supply of rental housing is critical
to ensuring that more Canadians have access to housing that meets
their needs. Today, the federal government announced over
$25 million to build 108 rental homes
in Sault Ste. Marie. The funding
will come as a fully repayable low-interest loan through the
Apartment Construction Loan Program.
Located downtown at 110 Pim Street, the six-storey building will
have 108 rental apartments for middle-class families and
individuals.
It will be completed by the spring of 2025.
Canada's construction of rental
homes has not kept pace with the country's growing cities and
population, leading to a decline in the existing and aging rental
stock for decades. To tackle this issue, the federal government
introduced the Apartment Construction Loan Program to
help build more rentals across the country.
Quotes:
"We are boosting housing supply; this is why we are making
strategic investments through programs like the Apartment
Construction Loan Program to build much needed rental units in
Sault Ste. Marie and across the
country. All Canadians deserve a safe and affordable place to call
home, and our government is ensuring this becomes a reality for
more Canadians." – Terry
Sheehan, Member of Parliament for Sault Ste. Marie, on behalf of the Honorable
Sean Fraser, Minister of Housing, Infrastructure and
Communities
"The effects of having an affordable, safe and comfortable place
to live are profound and capable of transforming communities. The
municipality is committed to doing everything we can to increase
the local housing stock, and I'm grateful for support from the
Government of Canada."–
Matthew Shoemaker, Mayor of
Sault Ste. Marie
"One Ten Pim reflects the ongoing
growth in Sault Ste. Marie and
brings much needed residential spaces to the downtown core. This
community will benefit from the addition of these modern
apartments." – Steve Perzia,
Owner, The Perzia Group Ltd.
Quick facts:
- As of December 31, 2023, the
federal government has committed over $42.99
billion to support the creation of almost 135,000 units and
the repair of over 270,000 units. These measures prioritize those
in greatest need, including seniors, Indigenous Peoples, people
experiencing or at risk of homelessness, and women and children
fleeing violence.
- The Apartment Construction Loan Program is part of the
Government of Canada's National
Housing Strategy (NHS), an $82+ billion plan to give more Canadians
a place to call home.
- The Apartment Construction Loan Program provides fully
repayable low-interest loans to encourage the construction of more
rental homes for middle class Canadians. It creates a positive
impact to the housing system at minimal cost to taxpayers.
- It is one of many programs and initiatives under the National
Housing Strategy designed to help address housing needs across the
country.
- It complements other NHS initiatives that focus on funding
affordable homes for lower-income households.
- Through the program, the federal government is encouraging the
construction of more than 71,000 rental homes.
- A stable supply of rental homes is essential for more people in
Canada to have access to housing
that meets their needs.
Related links:
- Visit canada.ca/housing for the most requested Government of
Canada housing information.
- 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. CMHC's
aim is that everyone in Canada has
a home they can afford and that meets their needs. For more
information, please visit cmhc.ca or follow us on Twitter,
Instagram, YouTube, LinkedIn and Facebook.
- Progress on programs and initiatives are updated quarterly at
www.placetocallhome.ca. The Housing Funding Initiatives Map shows
affordable housing projects that have been developed.
SOURCE Canada Mortgage and Housing Corporation (CMHC)