LONGUEUIL, QC, June 28, 2024 /CNW/ - Today, the federal government announced an investment of more than $64 million for the construction of 170 affordable purpose-built rental units. This is the first phase of Le Louis-Alexandre, a mixed multi-residential project. Funding is provided as fully repayable, low-interest loans through the Apartment Construction Loan Program (ACLP).

The announcement was made on the site of the Le Louis-Alexandre project in Longueuil by the Honourable Pablo Rodriguez, Minister of Transport and Quebec Lieutenant, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and by Sherry Romanado, Parliamentary Secretary to the President of the King's Privy Council for Canada and Minister of Emergency Preparedness and Member of Parliament for Longueuil–Charles-LeMoyne.

Le Louis-Alexandre is located on René Street, close to all amenities and served by many public transit routes.

The ACLP stimulates rental housing construction by providing builders and developers with low-cost repayable loans. The program is helping to build more than 131,000 apartments across Canada.

Quotes:

"Investing in affordable housing isn't about pouring money into concrete. It's about investing in the well-being of Canadians. Like the future residents of the Louis-Alexandre project, here in Longueuil, who will have access to a safe and comfortable place to call home, where they can rest, recharge and welcome their loved ones. We continue to deliver for Quebecers by taking concrete action that makes a real difference."– Pablo Rodriguez, Minister of Transport and Quebec Lieutenant

"The Government of Canada has committed to working with communities to rise to the challenge of building more housing in Longueuil and across Quebec. Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing more than $64 million in the construction of 170 units. This new housing will benefit middle-class individuals and families while stimulating the local economy."  – Sherry Romanado, Parliamentary Secretary to the President of the King's Privy Council for Canada and Minister of Emergency Preparedness and Member of Parliament for Longueuil–Charles-LeMoyne

Quick facts:  

• The Apartment Construction Loan Program (ACLP) is part of the Government of Canada's National Housing Strategy (NHS), an $82+ billion plan to give more people in Canada a place to call home.
• The ACLP offers fully repayable low-interest loans to encourage the construction of more rental units for middle-class people in Canada. This program has a positive impact on the housing system at minimal cost to taxpayers.
  • It is one of many NHS programs and initiatives designed to help meet housing needs across the country.
  • The ACLP complements other NHS initiatives that emphasize funding for affordable housing for low-income households.
  • Through the program, the federal government is boosting the construction of more than 131,000 rental units by 2031–2032.
  • A stable supply of rental housing is essential to ensuring that more people in Canada have access to housing that meets their needs.
• In addition to the $15 billion announced in the 2023 Fall Economic Statement for the ACLP, the 2024 budget announced an additional $15 billion in loans to build at least 30,000 new rental apartments, bringing the total funding to $55 billion.
• As of March 2024, the federal government had committed nearly $51 billion to support the construction of more than 146,000 housing units and to complete repairs on an additional 286,000. The measures prioritize those in greatest need, including seniors, Indigenous people, people experiencing or at risk of homelessness, and women and children fleeing violence.

Related links: 

• Visit canada.ca/housing for the most requested Government of Canada housing information.
• As Canada's authority on housing, Canada Mortgage and Housing Corporation (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 is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows the affordable housing projects developed so far.

SOURCE Canada Mortgage and Housing Corporation (CMHC)