CALGARY, AB, Oct. 16, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. That is why the Governments of Canada is supporting Horizon Housing as they break ground on the Pineridge development, which will soon provide Calgarians with access to more stable rental housing options that are affordable to the middle-class.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the ground breaking of 65 new homes in Calgary's northeast community of Pineridge. This ground breaking celebrates the start of construction which will create homes for over 120 people when the mixed income development is completed late 2021.
This project by Horizon Housing is receiving financing of just over $15 million dollars through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
Pre-pandemic, over 17,000 Calgary households earned less than $30,000 per year and spent more than half their income on rent, putting them at-risk of homelessness.
While staying home has been the prescription for health and safety during the COVID-19 pandemic, over 44,000 renter households are overspending on housing in Calgary. Creating more affordable housing has never been more important to ensuring people have appropriate housing options.
Rents at the Pineridge development will be at least 10% below market rates for the area. At least 13 units will maintain rents at or below 70% of 30% of the median household income in Calgary for a minimum of 21 years. Over 15% of the homes are accessible, adaptable or universally designed.
"Current events remind us that nothing is more important than a home. Canada's middle class and those looking to join them will benefit from the construction of new rental housing. Through new investments, like Pineridge by Horizon Housing, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities that 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)
"A life of dignity and opportunity starts with have a safe and reliable place to call home. As we continue to make progress towards meeting our affordable housing goals in Calgary, I want to thank Horizon Housing for being a partner in making that happen. The global pandemic has made this need all the more obvious, and this is a moment to celebrate." – Mayor Naheed Nenshi, City of Calgary
"Over the past seven months, we've seen just how critical housing is to the wellbeing of people in general, vulnerable people in particular. Thanks to investment of CMHC and the City of Calgary, we are excited to get started on quality homes that will offer more sustainable and affordable options for Calgarians of all ages and life circumstances." – Martina Jileckova, CEO of Horizon Housing
"I had a mental breakdown. I lost my job, my home, my car and for a time, my family. Home was a literal foundation for healing at a time when I just needed to focus on the building blocks of living independently: cooking, cleaning, and caring for myself. Today, I have worked hard to build and maintain my independence, but I couldn't have gotten here without a home." – Robert (Bob) Patrick, former resident of Horizon Housing
The Government of Canada acknowledges that these projects are developed on the unceded and traditional territories of the Blackfoot Confederacy (Siksika, Kainai, Piikani), the Tsuut'ina, the Îyâxe Nakoda Nations, the Métis Nation (Region 3)
The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
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. The program will run until 2027. In total, the RCFi will encourage the construction of 42,500 new rental-housing units across Canada.
The RCFi provides lower-cost repayable loans for 10-year terms offering cost predictability during the earliest stage of rental development.
Loans approved through the RCFi include CMHC mortgage loan insurance, which can simplify loan renewal throughout the life of the mortgage.
The rental market is an important housing option for approximately 30% of Canadians.
Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
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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