NEWS PROVIDED BYCanada Mortgage and Housing Corporation
Feb 02, 2021, 11:00 ET
WETASKIWIN, AB, Feb. 2, 2021 /CNW/ – Every Canadian deserves a safe and affordable place to call home. Thanks toinvestments made by the Government of Canada, residents of Wetaskiwin will soon 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), announced that the federal government is financing $5.8 million to help construct new multi-unit residential housing located at 5609 52nd Street in Wetaskiwin.
This project, Quantum Apartments by Josan Properties Ltd., is receiving financing 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.
Quantum Apartments is a 5-storey multi-family residential building that will provide Wetaskiwin with 36-units of much needed rental housing. The project will include barrier free access, including units with universal design, adaptable units, and units that meet or exceed local accessibility requirements. Residents began moving in on November 1, 2020.
“Every Canadian deserves a safe and affordable place to call home. That’s why, through new investments like Quantum Apartments by Josan Properties, 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 Wetaskiwin need.” – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
“We were delighted to be approved for the RCFI program for our 36 unit apartment building, Quantum Apartments. The program provided us with low cost and long term financing and allowed us to build premium housing in the City of Wetaskiwin. The project has been received extremely well by the community and is now 94% occupied. The RCFi is a great program for developers and we hope to see similar programs in the future so that we can continue building multi-unit housing in Canadian communities.” – Raka Josan, President, Josan Properties Ltd.
- The Government of Canada acknowledges that this project is being developed on the traditional territories of the Plains Cree peoples.
- Just over half of the units at Quantum Apartments will have rents at 75% of market rate in Wetaskiwin, and will be maintained for a minimum of 11 years from the date of first occupancy.
- Quantum Apartments is designed to achieve a minimum of 24% decrease in energy intensity and 17.5% decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
- 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. Through the RCFi, the Government of Canada is encouraging the construction of more than 42,500 new rental housing units.
- 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 goal of the RCFI is to increase the supply of new purpose-built rental housing options for middle class families across Canada, enabling them to live in the cities and communities that they work in and access for services.