Canada's federal government is part of a combined investment of nearly $39 million to construct more than 70 housing units in Waterloo, Ontario. The federal government is contributing nearly $5.5 million through the National Housing Co-Investment Fund (NHCF), and the Region of Waterloo is providing over $26 million to the project.
The project which is owned and operated by the Region of Waterloo will feature the following:
- 73 housing units
- 29 one-bedroom units
- 21 two-bedroom units
- 11 three-bedroom units
- 7 four-bedroom units
- 5 five-bedroom units
- Ground floor will feature a programming space which will serve senior tenants and also the community
Newswire states that the property will be located at 420 Kingscourt Drive and more than half of the homes will have rents below 80% of the median market rent for the area, and one third will have rents geared to income.
Construction of the building is expected to be completed by February 2025.
The National Housing Co-Investment Fund is a program under the National Housing Strategy that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people with disabilities, those with mental health or addiction issues, veterans and young adults.
Budget 2022 proposes to advance $2.9 billion in funding under the NHCF to accelerate the creation of up to 4,300 new units and repair up to 17,800 units.
The Government of Canada's National Housing Strategy is an ambitious, 10 year plan that will invest over $82+ billion to give more Canadians a place to call home.
"This is such a good news announcement. The environmental thought that went into this by the design and the architects, the fact that we're moving quickly, that it's a co-op, that there's community space, that the community benefits program is being road-tested for the first time - it is just such a good news story."
Regional Chair | Karen Redman
Kitchener City News states that the Region of Waterloo said that 19 of the units would have enhanced accessibility with barrier-free common areas. The region has also applied for $7.7 million in greenhouse gas reduction and energy efficiency funding but is still awaiting a final decision.
