Today, Adam Vaughan, Parliamentary Secretary to the Minister for Family, Children and Social Development and Minister responsible for the Canadian Mortgage and Housing Association (CMHC), on behalf of Mr. Ahmed Hussen, Minister for Family, Children and Social Development and Minister responsible for Canadian Mortgage and Housing Corporation (CMHC), along with the Honorable Hedy Fry, Member of Parliament for the Vancouver Center, announced that $ 340.5 million low cost loan to build Harbor Ridge, a 120 unit residential building at 1750 Old Ferry Wharf Rd in West Kelowna, BC.
Harbor Ridge, being developed by Quadra Homes, is a 5 story mixed use building comprising 120 units of one, two and three bedroom units that will provide West Kelowna with much-needed rental apartments.
Ten percent of the units meet or exceed urban accessibility standards. The project aims to reduce energy intensity by at least 35.1% and greenhouse gas emissions by 35% compared to the requirements of the National Energy Code for Buildings 2015.
The project was funded by CMHC’s Rental Construction Financing Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to promote 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. It is for this reason that, through this investment in Harbor Ridge, our government is taking action not only to increase the supply of new rental projects, but also to offer housing options that are closer to jobs, services and amenities that middle-class families in West Kelowna to need. This is the national housing strategy at work. “- The Honorable Ahmed Hussen, Minister for Family, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)
“We all know that everyone in our region and everywhere Canada, deserves decent and affordable housing. Today, the Rental Financing Initiative (RCFi) is helping our government West Kelowna to increase its range of new rental developments. When it’s ready, Harbor Ridge will offer new housing options for families and individuals who are even closer to good jobs, services and amenities in. are West Kelowna. “- Adam Vaughan, Parliamentary Secretary to the Minister for Family, Children and Social Development and Minister responsible for the Canadian Mortgage and Housing Association (CMHC)
“For the past year and a half, Canadians have been reminders of the importance of having a home West Kelowna Earning a home where they can thrive: a place where their children can grow up and our neighborhoods can thrive. This investment creates rental options for 120 families and individuals throughout Kelowna Area. “- The Honorable Hedy Fry, Vancouver Center MP
“Quadra Homes would like to thank Mr. Ahmed Hussen, Minister responsible for CMHC, and the entire team at CMHC for their positive response to this housing need. Working with CMHC on this project under the Rental Home Financing Initiative was a seamless process that responded quickly to The need for affordable housing in the Okanagan Harbor Ridge is another example of the federal government’s pioneering role in working with the private sector and stakeholders to provide much-needed affordable housing while protecting the interests of taxpayers. We would have this project without it the combined efforts of CMHC, West Bank First Nations, and all of our consultants, contractors, and suppliers who believed in the project and worked hard to finish it, failed to create affordable housing. ” – Shawn Bouchard, Vice President, Quadra Homes
Fast facts:
- In underwriting, the vacancy rate is im Kelowna Market was 1.9% (October 2018).
- Through the RCFi, the government of Canada promotes the construction of more than 71,000 new rental apartments.
- A stable supply of rental housing is critical to ensuring that more Canadians have access to housing that suits their needs and that they can afford. This is a great option for middle class Canadians who are facing affordable pressures in many markets with high home prices and a lack of rental availability.
- Started in April 2017, the RCFi has aroused great interest in the industry, which has led to an expansion of the program. Until the 2019 budget, the government has from Canada increased the total amount of loans $ 13.75 billion.
- In view of the high demand for the program, the government once again added an additional RCFi to the 2020 autumn economic declaration $ 12 billion over 7 years, starting in 2021-22. The program now adds up $ 25.75 billion with cheap loans.
- Budget 2021 suggests that $ 300 million over two years (2021-22 and 2022-23) from the RCFi to support the conversion of vacant commercial properties into 800 units of rental apartments in line with the market. Since the demand for retail and office space has changed due to COVID, some landlords are confronted with higher vacancies, especially in metropolitan areas. This is an opportunity for property owners and communities to explore converting excess space into rental housing to improve the quality of life and affordability of urban communities.
- Canada The National Housing Strategy (NHS) is a 10-year, $ 72 billion plan that will give more Canadians a home.
- To help Canadians find affordable housing, Budget 2021 is proposing an additional $ 2.5 billion over seven years in new funding and a reallocation of $ 1.3 billion in previously announced financings to expedite the construction, repair and support of over 35,000 additional housing units.
Related links:
- As Canada As the housing agency, CMHC helps maintain housing market and financial stability, assists Canadians with housing needs, and provides 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 learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For more information: Media contacts: Hafsah Asadullah, Office of the Minister for Family, Children and Social Development, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
similar links
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