Ontario Construction News staff writer
With funding from the federal and provincial governments, the City of Peterborough will build and repair several affordable homes.
The federal government is providing more than $42 million through the National Housing Co-Investment Fund (NHCF) and the Rapid Housing Initiative (RHI) to support over 1,000 homes. Also, the federal and the provincial governments are jointly contributing over $1.8 million through the Ontario Priorities Housing Initiative (OPHI), and over $2.4 million through the Canada – Ontario Community Housing Initiative (COCHI); an initiative of the Canada-Ontario Bilateral Agreement under the National Housing Strategy. The city of Peterborough is also providing over $5 million.
The announcement took place at 681 Monaghan Road, the site where a new 6 storey building is being constructed with 53 units, amenity space and utilities on the ground floor.
The project is expected to be completed by Summer 2024.
“Through the National Housing Strategy’s diverse programs, our government is investing in affordable housing here in Peterborough and across the country. These projects will help many vulnerable communities to access the affordable housing they deserve and will help improve the quality of life for those who need it most. This is one of the many ways our government’s National Housing Strategy is ensuring that no one is left behind.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
The second portfolio of projects includes sites across the city. It is owned and operated by the Peterborough Housing Corporation and will include the repair of 945 homes, all affordable, with more than 30% of the units allocated to women and children. Additionally, at least 20% of units within the portfolio will be accessible and the repairs will achieve a minimum reduction of 25% in energy consumption and greenhouse gas emissions. The Government of Canada is contributing nearly $3.5 million through the National Housing Co-Investment Fund (NHCF), a key pillar of the National Housing Strategy, and the Peterborough Housing Corporation and the City of Peterborough are providing over $8 million to the project. Repairs of the units are expected to be completed by December 2025.
The third project is a six-storey building at 555 Bonaccord Street, known as Hunt Terraces, which has 85 units and received $19.8 million through the National Housing Co-Investment Fund (NHCF) and $50,000 in SEED funding.
“The funding announcement by CMHC and the Government of Ontario will allow the City of Peterborough and our housing provider Peterborough Housing Corporation to move forward on meeting and supplying much needed housing,” said Keith Riel, Ward 4 councillor.