The Government of Canada announced it is investing $66.3 million toward the construction of a 193-unit rental building in Laval, Quebec, in the form of a low-cost loan. This investment will provide new rental housing options close to public transit, schools and services for families in the Laval area.
The 18-storey residential building is receiving the loan through Canada’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC. The program encourages a stable supply of rental housing to support middle-class families facing expensive housing markets.
“Our government is committed to ensuring that our investments meet the housing needs of residents here in Laval and across the country,” said the Hon. Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible Canada Mortgage and Housing Corporation (CMHC). “We will continue to increase the supply of rental units, while creating well-paying middle-class jobs and strengthening our economy
“Current events remind us that nothing is more important than a home,” added Annie Koutrakis, Member of Parliament for Vimy. “By supporting this new project, we are providing housing options that are closer to jobs, services and amenities for Laval families. We believe that every Canadian deserves a safe and affordable place to call home and through the National Housing Strategy, investments like the one we are announcing today bring us closer to achieving this goal.”
The Government of Canada acknowledges Central Park Laval is located on the traditional and unceded territory of the Kanienʼkehá꞉ka (Mohawk).
Annual rents of 106 of the 193 units in the building will be well below 30 per cent of the median household income in the area. These affordable rent levels will be maintained for a minimum of 16 years from the date of first occupancy.
The 193 units will serve to meet the strong demand for rental in an area where the vacancy rate is currently around 2 percent. The project has barrier-free access, with at least 22 of the units offering universal design and meet local accessibility standards. The building is also designed to achieve a minimum 22 per cent decrease in energy- intensity and a 15.6 percent reduction in greenhouse gas emissions, relative to the requirements in the 2015 National Energy Code for Buildings.
Find about the RCFi program here: Rental Construction Financing | CMHC (cmhc-schl.gc.ca)