“Canada Invests $29 Million for Housing Supply in Calgary”
New rental homes in Calgary, Alberta funded by the federal government’s investment of $29 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) are providing residents with safe and secure housing. Additionally, the government also provided $1 million through the Affordable Housing Innovation Fund (AHIF) for the project. The completed project, known as Orion at Lumino Park, is a high-rise apartment building with 135 units, providing homes for 450 families. The units incorporate advanced environmental features, reflecting a high degree of energy efficiency in the project.
Investing in Housing Supply
George Chahal, Member of Parliament for Calgary Skyview, announced the completion of the project on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities. The announcement reflects the importance of increasing the overall supply of rental housing to create stronger and more vibrant communities that Canadians can feel proud to call home. The Rental Construction Financing Initiative (RCFi) aims to address the shortage of rental homes in Canada’s growing cities and population. The initiative provides fully repayable low-interest loans to encourage the construction of more purpose-built, affordable, rental housing for Canadians and creates a positive impact on the housing system.
Perspectives and Quotes
According to the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, “We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.” The government is committed to working with partners to overcome the challenges of housing supply and provide safe, accessible homes for families.
Robert Sipka, President of Kanas Corporation, expressed their commitment to building purpose-built apartment buildings in Calgary and their efforts to provide homes for more Canadians through partnerships with CMHC. Their focus on non-combustible construction and the highest energy efficiency specifications reflects their dedication to long-term ownership and providing secure housing for Canadians.
Ending with Thought-Provoking Insights
The investment in housing supply in Calgary reflects the ongoing efforts to address the shortage of rental housing in Canada and create innovative housing solutions for communities. The collaboration between the government, corporations, and housing organizations is essential to provide secure, energy-efficient homes for Canadians. As Canada continues to focus on housing initiatives, it becomes crucial to reflect on the value of safe and accessible housing for all individuals and families. Through strategic investments and partnerships, the impact on housing supply and community development is far-reaching and essential for the well-being of Canadian citizens.