CST - Government of Canada Provides 207 Units of Rental Housing in Calgary

Canada NewsWire

CALGARY, AB , June 16, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada , residents of Calgary will now have access to more stable rental housing options.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), and Kevin Lamoureux , Member of Parliament for Winnipeg North and Parliamentary Secretary to the President of the Queen's Privy Council for Canada and Minister of Intergovernmental Affairs, announced a $74.7 million low-cost loan to help construct a new residential building located at 1538 10th Avenue SW, known as Sunalta Heights Phase 1.

Sunalta Heights Phase 1, developed by Interloq Capital, is a 27-storey residential building that will provide Calgary with 207 new units of much needed rental housing within walking distance the trendy Beltline district, amenities, and public transit. This includes the Sunalta LRT station located just 200m from the building, which also connects residents to the bus rapid transit system. It will accommodate eight electric vehicle charging stations, underground parking, 150 secure bicycle stalls and a new transit stop along 10 ^th Avenue. This project is located directly on a bicycle path, which is a part of the Centre City Cycle Track Network and recreational paths along the Bow River.

The building consists of, 92 one-bedroom units, 115 two-bedroom units. This includes two barrier free units, two adaptable and twenty two with enhanced accessibility features. 53 units will offer deep affordability with discounted rents for 21 years.

The project received funding through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

Quotes:

"Every Canadian deserves a safe and affordable place to call home. That's why, through new investments like Sunalta Heights by Interloq Capital, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Calgary need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)

"We all know that everyone in our region, and across Canada , deserves adequate and affordable housing. Today, our government's Rental Construction Financing initiative (RCFi) is helping Calgary to increase its supply of new rental developments. When it is complete, the Sunalta Heights will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in the Beltline community." – Kevin Lamoureux , Member of Parliament for Winnipeg North and Parliamentary Secretary to the President of the Queen's Privy Council for Canada and Minister of Intergovernmental Affairs

"Sunalta Heights is the first residential transit-oriented development along the Blue LRT line, a significant regenerative project for the communities of Sunalta and the Beltline. This location offers exceptional living experiences for residents with parks, bike paths, local restaurants, indoor and outdoor amenities with high quality design and mountain views. CMHC has been instrumental in the creation of new long-term rental housing in Calgary . The rental construction finance initiative allows for investments to meet the needs of the future including adaptable features, improved environmental performance to mitigate climate change impacts, flexible and comprehensive amenity spaces to build complete community and improve residents quality of life. We appreciate the overwhelming support for Sunalta Heights and I am proud to work with CMHC as part of the National Housing Strategy." – Dave Bronconnier , President and CEO for Interloq Capital

Quick facts:

• The vacancy rate in the Beltline district of Calgary is at 5.8% ( October 2020 ).
  
• Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
  
• A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
  
• Launched in April 2017 , the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion .
  
• Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021-22. The program now totals $25.75 billion in low-cost loans.
  
• Budget 2021 proposes that $300 million over two years (2021-22 and 2022-23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
  
• Canada's National Housing Strategy (NHS) is a 10-year, $72+?billion plan that will give more Canadians a place to call home.
  
• To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
  
• The City of Calgary provided public support, planning concessions and expedited review processes for this re-development project located within the Greater Downtown Plan.

Associated links:

• 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. For more information, please visit cmhc.ca or follow us on Twitter , Instagram , YouTube , LinkedIn and Facebook .
  
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca .

SOURCE Canada Mortgage and Housing Corporation

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