Today, the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), and the Honorable Ginette Petitpas Taylor, Member of Parliament for Moncton – Riverview – Dieppe, almost announced $ 16 million to help build 76 residential units at 369 Highlandview Road Moncton.
Birch Meadows, a four-story building of JN Lafford Realty Inc., receives low-cost government loan from From Canada Rental Construction Finance Initiative (RCFi), a national housing strategy program implemented by CMHC that supports rental housing construction projects. The program encourages a stable supply of rental housing to support middle-class families facing expensive housing markets.
Ideally located in Moncton Lewisville area, Birch Meadows will provide new housing options close to public transportation and services for families from Moncton.
“Every Canadian deserves a safe and affordable place to call home. Today’s announcement will help create more rental housing for families in Moncton. Our government is committed to providing more rental housing that meets the needs of families in the region, while creating well-paying middle-class jobs and strengthening our economy. “ – The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible Canada Mortgage and Housing Corporation (CMHC)
“Current events remind us that nothing is more important than a home. Moncton deserve a safe and affordable place to live and spend more time with their children. This investment is wonderful because it provides housing options that are closer to jobs, services and amenities than families. Moncton need.” – The Honorable Ginette Petitpas Taylor, MP, Moncton – Riverview – Dieppe
“With rising construction costs and increased demand for affordable housing, it is becoming increasingly difficult for developers to strike the right balance in creating viable multi-residential projects.
But with the right strategy and partnerships like CMHC’s RCFi program has helped make this development a reality. ” – Richard tower, Vice-President, iQ Commercial Mortgages Strategy Inc.
- The government of Canada recognizes that Birch Meadows is located on unceded traditional Mi’kmaq territory. This territory is covered by the “Treaties of peace and friendship”.
- 38 units in the building will have annual rents well below 30% of the region’s median household income. Affordable rent levels of at least 27 units will be maintained for at least 21 years from the date of first occupancy.
- Birch Meadows will have barrier-free access; at least two units will be universally designed and at least two units will be adaptable, in addition to eight units that will meet or exceed local accessibility standards
- The building is designed to achieve energy efficiency savings and a 25.4% reduction in greenhouse gas emissions compared to the 2015 National Energy Code for Buildings.
- Construction began in April 2020, and substantial completion is expected by October 2021.
- Moncton has consistently had strong demand for rental housing in recent years, with average rental rates rising and vacancy rates low, currently at 2.8% (October 2020).
- The objective of the RCFi is to increase the supply of new rental housing options specially designed for middle-class households. Canada, allowing them to live in the cities and communities in which they work.
- Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
- A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle-class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing.
- Launched in April 2017, RCFi has generated significant interest in the industry, which has led to an expansion of the program. As part of Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
- Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
- From Canada The National Housing Strategy (NHS) is a 10-year, over $ 70 billion plan that will give more Canadians a place to call home, which includes more than $ 12 billion committed to the 2020 Fall Economic Statement.
- As From Canada As a housing authority, CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides 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 learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Media Relations, Canada Mortgage and Housing Corporation, [email protected]