Project to provide substantial supply of new housing to the area
The federal and municipal governments have announced a substantial combined investment of nearly $39 million to support the construction of new housing supply in Waterloo, Ontario.
The new development, which is located at 420 Kingscourt Drive, will be owned and operated by the Region of Waterloo. The project will offer 73 housing units with a diverse selection of unit types and affordability.
“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,” said the Canada Mortgage and Housing Corporation.
Additionally, more than half of the units will be aimed at addressing the needs of women and their children, as well as those of low-income households. Further planned are 19 units that will have enhanced accessibility, along with barrier-free common areas.
“Through the National Housing Co-Investment Fund, our government is investing in affordable housing here in Waterloo and across the country,” said Ahmed Hussen, Minister of Housing and Diversity and Inclusion. “This building will offer a mix of affordable and accessible units and will foster a vibrant and inclusive community that caters to families of all sizes and socio-economic backgrounds.”
Construction work on the project is scheduled for completion by February 2025.
