It will invest more than $215 million
The federal government has announced that it will be investing more than $215 million for the construction of 657 new rental units for four housing projects on Montréal’s South Shore. The construction will be funded through the Apartment Construction Loan Program (ACLP), which was previously called the Rental Construction Financing Initiative (RCFI).
“The Government of Canada is committed to working with communities to rise to the challenge of building more housing on the South Shore of Montréal,” said Alexandra Mendès, member of parliament for Brossard – Saint-Lambert who made the announcement on behalf of Sean Fraser, minister of housing, infrastructure, and communities.
“This new housing will benefit middle-class individuals and families while stimulating the local economy,” she added.
Mendès made the announcement at Fluvia in Brossard, which is a high-rise apartment building with 185 housing units that has received more than $67 million in funds through the ACLP.
“We need to increase the housing supply. That is why we’re making strategic investments in programs like the Apartment Construction Loan Program to build much-needed rental housing across the country,” said Fraser.
The construction of rental units in Canada has had trouble keeping up with the pace of population growth, leading to the decline and aging of existing rental stock. The launch of the ACLP will support rental housing construction across the country.
It will provide 100% repayable, low-interest loans which will help in boosting rental construction for Canadians in the middle class. It is one of the programs by the National Housing Strategy (NHS) designed to meet demands in housing with the hopes of encouraging the construction of more than 71,000 rental units.
“Everyone in Canada deserves a safe place to build and live their lives. We’re committed to making this goal become a reality,” said Fraser.
