Brand New Affordable Housing Development Breaks Ground in Mississauga
While affordable housing has been tough to come by in most Ontario cities, the City of Mississauga has been vocal about ensuring affordable housing stock is available for low and middle-income earners who have been steadily priced out of the city as real estate values have outpaced wage growth.
Now, it looks like an affordable housing project is moving forward in Mississauga.
The federal and provincial governments recently announced that they’re investing over $44 million to create 298 more affordable housing units through the Canada-Ontario Investment in Affordable Housing (IAH) agreement.
The announcement took place at an official groundbreaking for The Daniels Corporation’s affordable housing development at 360 City Centre Drive.
The development will provide 174 units of affordable rental housing, including 154 units funded by the IAH program. Back in October 2017, council announced it would provide a sizeable $2.7 million to the Region of Peel to offset development charges for the project.
The Region approved funding of the much-needed project to the tune of $65 million ($65,966,522, to be exact) on June 22, 2017.
As for how the development will work, one building of the two-tower development will include affordable units, rent-geared-to-income units and market-rate units. Sixty per cent (or 104 units) will be set aside for renters and owned by the Region. They will be available to middle-class residents.
“Our Government is investing in affordable housing here in Mississauga Centre and across Canada to help create jobs and improve the quality of life for those who need it most,” says Omar Alghabra, MP for Mississauga Centre.
“Thanks to the combined efforts of our partners, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community.”
Other affordable housing developments throughout Peel Region were also celebrated at the event.
The Region of Peel Affordable Rental Housing Project will be part of the 23-acre Mississauga City Centre neighbourhood and feature pedestrian-friendly pathways, a community park and public art.
The Region also contributed more than $66 million to these projects.
Under the IAH, Ontario and the federal government are investing a total of $1.9 billion to improve access to affordable housing across Ontario. The province says it has committed more than $5 billion in funding for affordable housing since 2003, which has helped support more than 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 households in need.
Canada’s first ever National Housing Strategy is a 10-year, $40-billion plan that will work to create more affordable housing for residents.
“Housing affordability is a priority for our city and is fundamental to a healthy, inclusive and sustainable community,” says Mississauga Mayor Bonnie Crombie.
“This new development supports our city’s goal of making housing affordable for all by ensuring that a range of units geared to all income levels is made available. Together, we are building a city where residents from all walks of life continue to thrive and enjoy a quality of life second to none.”