300 family rental units to be built in Brampton after federal funding announcement
Published July 19, 2021 at 9:31 pm
A projected 300-plus families should be able to find rental housing in Brampton after an announcement of a new project by the federal Liberal government.
On Monday (July 16), Prime Minister Justin Trudeau announced a nearly $120-million investment to help build a 26-storey multi-residential, energy-efficient building in Brampton.
“We know that finding an affordable place to live is a challenge for many Canadians in communities across the country,” Trudeau said in a statement. “(Monday’s) announcement is great news for families in Brampton, and the Government of Canada will continue to invest to increase affordable housing options for all Canadians. We will keep working to ensure that everyone can find a place to live, raise their families, and build their future.”
The initiative announcement is part of the Rental Construction Financing Initiative. It is intended to support rental housing construction projects across the country by providing low-cost, insured loans to developers and municipalities in places where there is a need for additional rental housing units.
Brampton, as of 2019, had a vacancy rate of 0.8 per cent. Three per cent is considered healthy for the rental market.
“Every Canadian deserves a place to call home,” Families, Children and Social Development Minister Ahmed Hussen, whose portfolio includes the Canada Mortgage and Housing Corporation, said in a statement. “That’s why the government is taking action to increase the supply of rental housing through projects like the one we are announcing (Monday) in Brampton. This new rental housing will provide families better access to jobs, services, and the amenities they need.”
The federal government claims programs such as First-Time Home Buyer Incentive and the Rapid Housing Initiative have helped more than one million Canadians have a safe and affordable home since 2015.insauga's Editorial Standards and Policies