QUEBEC CITY, Nov. 17, 2023 /CNW/ – Today, the Government of Canada announced over $76.2 million to build 341 purpose-built rental homes across 8 projects for residents living throughout the Quebec City and Lévis area. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at Le CentrAL in L’Ancienne-Lorette by the Honourable

Jean-Yves Duclos, Member of Parliament for Québec  and Minister of Public Services and Procurement, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure

and Communities.

Located at 1730 Notre-Dame, L’Ancienne-Lorette, Le CentrAL is a four-storey, 46-unit apartment building. It includes indoor parking, an elevator and is close to local services including parks and schools. The project was completed in spring 2023.

Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Our government is stepping up its efforts on several fronts to address the housing crisis and build more housing, faster, in Canada and Quebec. Through RCFi, the Canadian government is increasing the supply of new rental housing by investing more than $76.2 million in the construction of a total of 341 units in Quebec City and Lévis. This accessible, energy-efficient housing will benefit middle-class individuals and families in the Quebec City region and stimulate the local economy.”  – The Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Member of Parliament for Québec

“We would like to thank the federal government and CMHC, because without their support, this building would never have seen the light of day. – Mathieu Lapointe, Developer, Le CentrAL

• The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• Canada Mortgage and Housing Corporation (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. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. 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
• Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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