The federal government announced plans to invest $147 million through its RCFi initiative toward the construction of 514 residential units located at 3415 Weston Road in Toronto. RCFi, CMHC’s Rental Construction Financing Initiative, supports the construction of new rental housing aimed at middle class and low-income families.
“Canada’s middle class and those looking to join them will benefit from the construction of new rental housing,” said the Hon. Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC. “Through new investments, our government is taking action to increase the supply of new rental developments, providing housing options that are closer to services hard-working Canadian families need.”
This project by Medallion Corporation entails the construction of two high-rise buildings featuring 514 residential units: a 30-storey tower with 276 residential units and a 26-storey tower with 238 residential units. Construction commenced in January 2019, with substantial completion expected by spring 2023.
“I want to thank the federal government for providing a $147 million financing commitment towards the creation of new rental housing for our residents,” said John Tory, Mayor, City of Toronto.” This funding will help us build up the newly anticipated Casa at Emery Village and ensure that part of the plan includes affordable housing options. [This] announcement is a reflection of the importance of private and public partnerships and the impactful work that can be done.”
At least 15 per cent of the development’s units (77 units) will meet municipal accessibility requirements. The building is designed to achieve energy-efficiency savings of 22.8 per cent and reduction in greenhouse gas emissions of 21.4 per cent relative to the 2015 National Energy Code for Buildings.
Of the 514 units, 324 will have rents below 30 per cent of median household income in the area. The affordable rent levels for at least 114 units will be maintained for a minimum of 10 years.
Since launching in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. given this, in 2018, the government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.