CALGARY, AB, April 12, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home.
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 $16 million to help construct new multi-unit residential housing located at 200 Nina Gardens NE in Calgary.
This project, Bishop's Manor by Forward Housing, 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.
Bishop's Manor by Forward Housing is a 5-storey residential building that will provide Calgary with 104-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 will begin moving in on April 19, 2021.
Through the Housing Incentive Program (HIP), the City of Calgary provided a total of $430,864 to this project predevelopment grants and development fee rebates. Part of the City's commitment to enabling nonmarket housing providers to create new homes, HIP provides early-stage support for affordable housing projects and offsets the costs of municipal permits and fees.
"Every Canadian deserves a safe and affordable place to call home. That's why, through new investments like Bishop's Manor by Forward Housing, 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)
"Investments in housing are critical in our city, and even more so for those which ensure universal, adaptable, and accessible design. The City of Calgary will continue to work with our partners in other orders of government to ensure that we are meeting the demand for housing. Every Calgarian deserves a place to call home, and I want to thank the Government of Canada, Forward Housing, and everyone involved in the RESOLVE Campaign." – Naheed Nenshi, Mayor of Calgary
"2020 has reinforced the importance of safe, affordable housing in providing a family with social and economic stability. We are honored that, through the RESOLVE Campaign, Bishop's Manor received financial support of all levels of government and the private sector. With the support of the CMHC, Bishop's Manor will offer lower income Calgarians from all walks of life, a quality affordable housing option." – Zakir Kanji, Board Chair of Forward Housing
"The RESOLVE Campaign focused on raising private capital to provide affordable housing for over 3,000 lower-income Calgarians. The Campaign raised over $70 million, and Bishop's Manor directly resulted from that success, building on the Federal, Provincial and Municipal Governments' financial support. Bishop's Manor will offer over 200 vulnerable Calgarians a safe community and a stable home from which to build sustainable, fulfilling lives." – Cindy Rutherford, Co-Chair of RESOLVE Campaign
The Government of Canada acknowledges that Bishop's Manor is located on the traditional territories of the Blackfoot Confederacy (Siksika, Kainai, Piikani), the Tsuut'ina, the Îyâxe Nakoda Nations, the Métis Nation (Region 3), and all people who make their homes in the Treaty 7 region of Southern Alberta.
Forward Housing will be celebrating the grand opening of Bishop's Manor on April 19. Visit https://forwardhousing.ca/live-here/bishops-manor/ for more information.
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.
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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