The federal government is providing a $ 15 million insured loan to help build a new rental housing project in Cobourg, Ontario.

In a virtual announcement Thursday, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation, announced a $ 15 million insured loan to help the construction of a new residential building located at 311-325 University Avenue West.

Developed by Balder Corp., the four-story building will offer 71 units.

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The city of Cobourg approved in 2019 the rezoning of the land for the project which Balder said would include 14 studio units, 15 one-bedroom units, 23 one-bedroom and den units, eight two-bedroom units and five units. of two bedrooms. and den units. The Toronto-based company said in a presentation that 13 units would be designated as “affordable housing” by CHMC standards.

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The project received funding under CMHC’s Rental Construction Funding Initiative, a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of housing. rentals for middle-class families in expensive housing markets.

“By providing financing for new housing construction as we did for this project at 311-325 University Avenue West, our government is taking action not only to increase the supply of new rental developments, but also to provide housing options closer to jobs, services and amenities for middle-class families here in Cobourg, in surrounding areas and across Canada, ”said Vaughan.

Construction of the apartment complex on University Avenue West in Cobourg continues on August 12, 2021.

Sam Houpt / Peterborough Global News

Babak Akbari of Balder Corp. said resolving the housing crisis in communities requires “engagement of all stakeholders.” He expects the building to be occupied within “four to six months”.

“It has been a privilege to participate in the federal government‘s housing initiative which combines federal funding with private sector investment and support from municipalities and other community stakeholders,” he said. “Without this initiative, projects like ours would simply not be possible in today’s housing market. “

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Construction of the project is well advanced. Cobourg Mayor John Henderson said the development was recognized for its planned use of geothermal energy for the building’s heating and cooling system.

“We are very pleased to have received recognition for rental of affordable energy efficient apartments in downtown Cobourg,” he said. “It is one of the first sustainable constructions in our city. And it will be one of many.

“Every Canadian deserves a safe and affordable place to call home,” said Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC. “This is why our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Cobourg. These new rental units will provide families with better access to the jobs, services and amenities they need. This is the National Housing Strategy at work.

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Through RCFi, the Government of Canada is promoting the construction of over 71,000 new rental housing units.

– with files from Sam Houpt / Global News Peterborough

© 2021 Global News, a division of Corus Entertainment Inc.

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