Making Housing More Affordable for Seniors in Ottawa

OTTAWA, Aug. 28, 2019 /CNW/ - The senior population of Ottawa deserves to have a safe and affordable place to call home where they can enjoy their retirement.

Today in Ottawa, the Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 58 new rental housing units to help more seniors have an affordable place to live.

Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing $7.84 million for the construction of a six-storey, 58-unit building. All 58 units will have affordable rents at or below 30% of median household income in the area.

Located at 567 Cambridge Street South, this project, developed by The King's Daughters and Sons Apartments Incorporated (KDS), a non-profit organization, will provide affordable housing options close to public transit and services for modest and middle-income seniors.

The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class households struggling in expensive housing markets.

Quotes

"Through the National Housing Strategy, our Government increasing the supply of rental units for Canadians. These investments also create good jobs and grow the local economy and are making a big difference in building a more sustainable future through more energy-efficient and affordable homes. This investment is wonderful news for the seniors in our community that will move into these new safe and affordable rental housing units." ? The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre

"The King's Daughters and Sons Apartments Inc.(KDS) is grateful for the support for this project, not only from Canada Mortgage and Housing Corporation, but also from the City of Ottawa, the Province of Ontario, and the Government of Canada. Because of these funding streams, we are able to assist with the housing needs of more seniors in Ottawa. We thank the countless workers, experts, and supporters - without this entire assembly of energy, thoughtfulness and funding - none of this could be accomplished." ? Patricia Fisher, President of The King`s Daughters and Sons Apartments Inc.

"We are pleased to be adding additional units for seniors to our social housing stock. As we update our 10-Year Housing and Homelessness Plan, eliminating chronic homelessness is still the main goal. Projects such as this one by the King's Daughters and Sons helps us move closer to that goal." ? Mayor Jim Watson, City of Ottawa

Quick Facts

• KDS, a pioneer in affordable senior's housing in Ottawa, supports seniors looking for an active and affordable community.
• At least 38 of the 58 units will be held at or below 70% of average market rents and an additional 20 units will be held at or below average market rents for a period of 35 years.
• At least 26 units (45%) will be accessible. These include 16 adaptable units.
• This project is designed to achieve energy-efficiency savings of 35% and reduction in greenhouse gas emissions of 44% relative to the 2015 NECB.
• The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing for middle-class families struggling in expensive housing markets across the country.
• Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
• Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
• The rental market is an important housing option for approximately 30% of Canadians.
• The rental market vacancy rate in the Glebe neighbourhood is at 1.1%
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.

Associated Links

• As Canada's authority on housing, 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. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation