Le Lézard
Classified in: Business
Subjects: ECO, CMG, CFG

First-of-its-kind funding model to create more affordable housing for Montreal students


MONTREAL, April 17, 2019 /CNW/ - Our government strongly believes that all Canadians should have access to a safe and affordable Place to call home. Post-secondary students in Québec will soon have new affordable housing options thanks to a new funding model dedicated to creating affordable rental units specifically for students. The first 90-unit project developed through this model, the Woodnote Co-operative, is breaking ground today in Montreal.

Logo: Government of Canada (CNW Group/Canada Mortgage and Housing Corporation)

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced $3 million in funding to support the creation of over 160 affordable rental units in up to three buildings to help Montreal's post-secondary students find an affordable place to live while they pursue their studies.

Through the National Housing Strategy's Affordable Housing Innovation Fund, the federal government is investing $3M to Unité de travail pour l'implantation de logement abordable (UTILE) to support this innovative model for the construction of up to three affordable student housing buildings

The project is a collaboration between UTILE and the Concordia Student Union (CSU), to create a unique funding model that uses democratically allocated fee levy to invest in the construction of affordable rental housing. To maximize the leverage of students' investment, the Fiducie du chantier de l'économie sociale, a social enterprise trust fund, collaborated with UTILE to create the Fonds d'investissement en logement étudiant (FILE), a $10M investment fund dedicated to the construction of affordable rental housing for students.  

This innovative financing model allows student unions and similar organizations to more easily obtain equity and acquire additional funds to develop affordable rental housing projects. This is a first in Canada. Further, this financing model allows the construction of student housing at little to no risk for universities and colleges.

Quotes:

"Through the National Housing Strategy, we are ensuring students have safe and affordable housing while pursuing their post-secondary studies. Education is as important as housing and we are proud the National Housing Strategy is able to support both through this innovative approach." ? The Honourable Jean-Yves Duclos, Minister of Children, Families and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation 

"Montréal is proud to form partnerships with civilian and government bodies to support this innovative and replicable affordable student housing model. This enables us to find creative solutions to affordable housing needs in our city." ? Valérie Plante, Mayor, City of Montreal

"To our knowledge, this is the first time in Canada that a student union directly invests in housing, with government and social finance providing the remaining 90% of the project budget. This first project shows the potential of bold, innovative solutions to student housing that can be beneficial throughout the country." ? Laurent Levesque, Executive Coordinator, UTILE

"Housing is a key issue to the student experience and a major factor of student debt. This ambitious project shows that student unions are a powerful tool to build innovative, pro-active solutions to improve students' experience in Canada." ? Sophie Hough-Martin, General Coordinator, CSU

Quick Facts:

Associated Links

 

Logo: Canada Mortgage and Housing Corporation (CNW Group/Canada Mortgage and Housing Corporation)

SOURCE Canada Mortgage and Housing Corporation


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News published on 17 april 2019 at 13:30 and distributed by: