Making Housing More Affordable for Middle-Class Families in Welland
Welland, ONTARIO – Hard working middle-class families in Welland deserve a safe and affordable place to call home where they can thrive and spend more time with their children.
Today, Vance Badawey, Member of Parliament for Niagara Centre, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction and funding of 50 new rental housing units in Welland so that more middle-class families will have an affordable place to live.
Through CMHC’s Rental Construction Financing initiative (RCFi), the federal government is investing $5.9 million for the construction of Old Oak Place, a 4-storey building that will provide safe and affordable homes to 50 families. All of the units will have rents well below 30% of median household income in the area and 10% of the units will be accessible.
This project will provide affordable housing options in an established inner-city area of Downtown Welland, close to public transit, schools and services for middle-income families. As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
“Through the National Housing Strategy, more middle-class Canadians – and those working hard to join it – will find safe, accessible and affordable homes in communities where their families can thrive and children learn and grow. This investment is wonderful news for the Welland middle-income families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today.” – Vance Badawey, Member of Parliament for Niagara Centre
“We are pleased to announce Duffy Homes Ltd. is building 50 affordable rental units in our community of Welland at 574 King Street that will be known as Old Oak Place. Everyone knows the great need for new affordable housing and without funding from CMHC’s Rental Construction Financing Initiative this project would not be possible.” – Terry Duffy, President, Duffy Homes Ltd. and 867962 Ontario Ltd.
- The RCFi, a National Housing Strategy initiative delivered by CMHC, supports affordable rental housing construction projects to encourage a stable supply of affordable rental housing across the country for middle-class families struggling in expensive housing markets.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount for low-cost loans provided by this initiative from $2.5 billion to $3.75 billion from 2018 to 2021.
- The RCFI will encourage the construction of more than 14,000 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need.
- The rental market is an important housing option for approximately 30% of Canadians.
- The rental market vacancy rate in Welland is at 2.6%.
- The Old Oak Place building will achieve energy savings of 17% and a reduction in greenhouse gas emissions of 19% relative to the National Energy Code of Canada for Buildings 2015.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
- As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
- For more information about the Rental Construction Financing initiative or to apply, please visit cmhc-nhs.ca.
- To find out more about the National Housing Strategy, visit placetocallhome.ca.
Information on this release:
Office of the Minister of Families, Children and Social Development
Canada Mortgage and Housing Corporation