Canada Mortgage and Housing Corporation (CMHC) announced Monday morning that the federal government was helping to fund a new multi-unit rental housing project in Calgary.
The Government of Canada is donating US $ 16 million to build Forward Housing’s Bishop’s Manor residential building at 200 Nina Gardens NE.
This funding is in addition to funding received through the City of Calgary’s CMHC Housing Finance Initiative (RCFi) and Housing Incentive Program (HIP).
RCFi is a national housing strategy program that supports rental housing projects in order to provide a stable supply of rental housing for middle class families in otherwise expensive housing markets.
HIP provides support for affordable housing projects and offsets the cost of community permits and fees. This is part of the city’s commitment to enabling rental housing providers to create new homes.
The City of Calgary has allocated a total of $ 430,864 through HIP to this project in the form of pre-development grants and discounts on development fees, according to a press release from CMHC.
“Every Canadian deserves a safe and affordable place to call home,” said the Honorable Ahmed Hussen, Minister for Families, Children and Social Development and Minister for CMHC.
So our government is taking steps through new investments like Forward Housing’s Bishop’s Manor to not only increase the availability of new housing developments, but also provide housing that is closer to jobs, services and amenities for middle-class families in Calgary. “
Forward Housing’s Bishop’s Manor is a five-story building that will provide Calgary with an additional 104 units of much-needed rental housing.
“The project will include accessible access, including units with a universal design, customizable units and units that meet or exceed local accessibility requirements,” the press release said.
Residents will move into Bishop’s Manor on April 19th.
“Investing in residential real estate is critical in our city, especially for those that ensure universal, adaptable and accessible design,” said Naheed Nenshi, Mayor of Calgary. “The City of Calgary will continue to work with our partners on other government assignments to ensure we meet housing demand.”
“Every Calgarian deserves a place to call home and I want to thank the Government of Canada, Forward Housing and everyone involved in the RESOLVE campaign.”