The federal government has announced the start of construction on 47 new rental housing units in Victoria.
Five of these units will be fully accessible, according to a press release from the Minister of Families, Children and Social Development, and the Canada Mortgage and Housing Corporation.
The initiative is being funded through the Rental Construction Financing initiative (RCFi) which has been allocated $21.1 million for the construction of a five-story building at 200 Cook St, built by Urban Core Ventures.
Moreover, for a period of 15 years, up to 21 of the units will have rental rates well below 30% of the median household income in the area.
This means the rent will be no more than $1,300 per unit for those apartments – the amount would vary depending on the size of the unit: studio, 1 bedroom, or 2 bedroom.
“This National Housing Strategy investment will help build a foundation for 47 families and individuals that will soon move into these new rental housing units,” stated the Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility.
“For our Government, the Strategy is more than just building houses—we want to create homes that are affordable, energy efficient and accessible.”
“We want to create communities where people can live close to jobs, schools, public transit and other services, like this project in Victoria.”