TORONTO, Jan. 16, 2024 /CNW/ – Today, the federal government announced $235.9 million to build 494 rental apartments in Toronto. The funding will come as fully repayable low-interest loans through the Apartment Construction Loan Program. The announcement was made by Yvan Baker, Member of Parliament for Etobicoke Centre, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and by James Maloney, Member of Parliament for Etobicoke—Lakeshore. Located at 300 the East Mall, the Valhalla Village Phase 1 project is a two-tower development containing 494 rentals for middle class families and individuals. Through geothermal heating, the towers will have net zero carbon emissions once complete. They will also have multiple amenity spaces that are designed to be communal, inclusive, accessible, and suitable for shared use by all residents. The project is expected to be completed by May 2027. 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 Apartment Construction Loan Program 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. “Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto. That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country. Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities.” – Yvan Baker, Member of Parliament for Etobicoke Centre “This important investment from the federal government demonstrates our strong commitment to working with all communities to meet the challenge of building more rental housing. This important investment in housing will soon create thousands of safe, well-built homes for hardworking, middle-class Canadians and add much needed supply to the rental market here in Toronto.” – James Maloney, Member of Parliament for Etobicoke—Lakeshore “The 172 affordable rental housing opportunities at 300-304 The East Mall are a testament to what can be achieved when different orders of government and developers work together. As Mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home.” – Mayor Olivia Chow “Breaking ground at Valhalla Village is a critical first step in KingSett’s ambitious goal of developing a portfolio of rental housing that leads the industry in terms of depth, product design, and sustainability. The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community. We are very excited to be moving ahead with this extraordinary development.” – Jeff Thomas, Group Head, Development at KingSett Capital SOURCE Canada Mortgage and Housing Corporation (CMHC) Click here to read a full story
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