SUMMERSIDE, PE, Sept. 3, 2019 /CNW/ - Thanks to investments made by the Government of Canada, the Province of Prince Edward Island, the City of Summerside, and the Port of Summerside, residents of Summerside will soon have access to more safe and affordable places to call home.
Today in Summerside, Bobby Morrissey, Member of Parliament for Egmont, 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 70 new rental housing units to help ensure that residents of this community have an affordable place to live.
Through CMHC's Rental Construction Financing initiative (RCFi), the federal government is investing just over $15.18 million for the construction of a seven-storey, 70-unit building. Of the 70 units, 51 units (72.9%) have rents that fall at or below 70% of the 30% median income in the area.
Located at 160 Water Street, this project, developed by Arsenault Bros. Construction, will provide affordable housing options close to public transit and services for modest and middle-income individuals and families.
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.
"Through the National Housing Strategy, our Government is 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 residents of Summerside, who will soon have new safe and affordable rental housing units." ? Bobby Morrissey, Member of Parliament for Egmont
"As an Island community, we are at our best when we work together to support one another. Affordable, safe and secure housing is critical for success from raising healthy children, to pursuing education, jobs and other opportunities, to aging in place. These new units are more than just a place to live, they are a key to a better life for those who will call them home." ? The Honourable Ernie Hudson, Minister of Social Development and Housing for the Province of Prince Edward Island
"Transformational. That's the word I use to describe how the Arsenault Bros affordable housing project will impact downtown Summerside. Once completed, this 70-unit complex will suddenly situate upwards of 150 or more new residents in our downtown. As an active partner, the City of Summerside is proud to join up with Canada Mortgage and Housing Corporation (CMHC), the Province of PEI, the Summerside Port Corporation, and Arsenault Bros Construction, all united in making this project a reality. This unity of purpose from three levels of government, the Port, and the private sector, has recognized the critical shortage of housing in PEI, and has stepped up boldly to do something about it. " ? Mayor Basil Stewart, City of Summerside
"Summerside Port Corporation Inc is pleased to partner with Arsenault Bros on the construction of a multi-story apartment complex on land formerly owned by SPCI located near the Summerside Waterfront. Not only does this project address a need for residential apartments it also includes 30 affordable housing units on the waterfront. SPCI is pleased to partner with this highly respected local developer on this project and wish to thank partners from all levels of government for their support." ? Arnold Croken, CEO, Summerside Port Corporation Inc.
"The Arsenault family of companies is very grateful for all partnering supports received in making this project a reality. Our outstanding partners in this venture include Canada Mortgage and Housing Corporation, The Province of PEI, The City of Summerside, Summerside Port Corporation, and Community Business Development Corporation PEI. These supporting partners are enabling us to invest in accessible and barrier-free design, as well as energy efficiency to the tune of 42% reductions in both operating energy consumption and greenhouse gas emissions. We are proud and excited to be bringing this much-needed new supply of affordable and market-rate housing to the downtown core of Summerside." ? David Arsenault, Arsenault Bros. Construction
SOURCE Canada Mortgage and Housing Corporation
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