Ontario Construction News staff writer
Canada Mortgage and Housing Corporation (CMHC) will fund more than $145 million to build and repair over 6,000 affordable housing units in Hamilton.
Many of these units will be for priority vulnerable groups, with almost half dedicated to seniors across the city.
The CMHC’s National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing. The NHCF is a key pillar of the Government of Canada’s National Housing Strategy (NHS).
“Today’s announcement for the rejuvenation of nearly 6,300 affordable homes across Hamilton will improve the living standards and housing conditions for thousands of vulnerable residents and families,” said Ahmed Hussen, federal minister responsible for CMHC.
“This comes on the heels of last week’s federal budget proposing an additional $2.5 billion and a reallocation of $1.3 billion in funding to speed up the construction and repair of over 35,000 additional housing units. This is the National Housing Strategy at work.”
CityHousing Hamilton is receiving two loans over a 9-year period under the NHCF for a total of $145.6 million in financial support: That includes a $58.2 million forgivable loan and a $87.4 million repayable loan.
All 6,290 units under this agreement will exceed NHCF affordability criteria, with an average lease rate of 61.4 per cent of Median Market Rent (MMR).
A minimum of 20 per cent of the 6,290 units will meet NHCF accessibility requirements.
“Housing is about dignity. This investment is a crucial step towards ensuring that the most vulnerable among us have access to the housing and supports that meet their needs, including our seniors. As a result of today’s announcement, we are acting to meet the unique housing needs of our city so that residents of Hamilton can be safe and can continue to thrive,” said Bob Bratina, Member of Parliament for Hamilton East – Stoney Creek.
The project aims to reduce greenhouse gas (GHG) emissions and improve energy efficiency by 25% respectively over the applicable building code.
With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.
Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.