Canada offers $132M for two Winnipeg rental construction projects

by arslan_ahmed | December 6, 2023 2:56 pm

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The Government of Canada is investing more than $132 million to build 447 purpose-built rental homes across two projects for residents living in Winnipeg, Man. The funding comes as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

Once completed, the residences of Oakdale will consist of 270 units across three buildings. It offers accessible rental housing to senior residents with convenient access to the Charleswood 55+ Active Living Centre, which will be located on site in Building B. The construction for this project began in May 2023 and is expected to be complete in April 2025.

Another project covered by funding is Park City Commons. This low-rise apartment building offering 177 units comprised of a mix of studio and one-to-three bedroom units. Construction for this project began in April 2022 and was recently completed on November 1, 2023.

Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country.

“We need to boost housing supply. This is why our government will continue to make strategic investments through programs like the RCFi to incentivize the development of much-needed rental units. Programs like RCFi showcase our government’s commitment to addressing the pressing housing challenge faced by communities from coast to coast. These investments will help increase the housing supply, and the federal government will continue backing them so that all Canadians have a safe and secure place to call home,” says Sean Fraser, minister of housing, infrastructure, and communities.

Source URL: https://www.constructioncanada.net/canada-offers-132m-for-two-winnipeg-rental-construction-projects/

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