The market will see the addition of nearly a hundred units to its affordable housing supply
In one of the latest steps in CMHC’s National Housing Strategy, governments at all levels have pledged a multi-million-dollar investment in the construction of close to a hundred low-cost homes in Tecumseh, Ontario.
The $25.27 million insured loan will fund the development of 99 new rental units in a six-storey multi-residential building as part of the new Tecumseh Gateway Tower project, located at 11870 Tecumseh Road East.
Of these units, 14 are one-bedroom offerings, while the remaining 85 are two-bedroom suites. A minimum of 31 units are slated to have rents at or below 30% of the area’s median household income.
Read more: CMHC, governments announce investment in Toronto low-cost housing
“By providing funding for new housing builds like we have for Tecumseh Gateway Tower, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families here in Tecumseh, and across Canada,” said Irek Kusmierczyk, Parliamentary Secretary to the Minister of Employment, Workforce Development and Disability Inclusion.
The funding will be coursed through CMHC’s Rental Construction Financing initiative (RCFi), the portion of the National Housing Strategy program that focuses on improving the supply of affordable rental units for Canada’s middle-class households.
