Canada Mortgage and Housing Corporation (CMHC) announced on Monday morning that the federal government is helping to finance a new multi-unit rental housing project in Calgary.
The Government of Canada is contributing $16 million to towards the construction of the residential building, Bishop’s Manor by Forward Housing, located at 200 Nina Gardens NE.
This funding is in addition to financing received through CMHC’s Rental Construction Financing initiative (RCFi) and the City of Calgary’s Housing Incentive Program (HIP).
RCFi is a National Housing Strategy program that supports rental housing projects to help offer a stable supply of rental housing for middle-class families in otherwise expensive housing markets.
HIP provides support for affordable housing projects and offsets the costs of municipal permits and fees, as part of the City’s commitment to enabling rental housing providers to create new homes.
Through HIP, the City of Calgary contributed a total of $430,864 to this project in predevelopment grants and development fee rebates, according to a news release from CMHC.
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“Every Canadian deserves a safe and affordable place to call home,” said Honourable Ahmed Hussen, Minister of Families, Children, and Social Development and Minister for CMHC.
“That’s why, through new investments like Bishop’s Manor by Forward Housing, 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 that middle-class families in Calgary need.”
Bishop’s Manor by Forward Housing is a five-storey building that will provide Calgary with an additional 104 units of much-needed rental housing.
“The project will include barrier free access, including units with universal design, adaptable units, and units that meet or exceed local accessibility requirements,” reads the news release.
Residents will begin moving in to Bishop’s Manor on April 19.
“Investments in housing are critical in our city, and even more so for those which ensure universal, adaptable, and accessible design,” said Calgary Mayor Naheed Nenshi. “The City of Calgary will continue to work with our partners in other orders of government to ensure that we are meeting the demand for housing.”
“Every Calgarian deserves a place to call home, and I want to thank the Government of Canada, Forward Housing, and everyone involved in the RESOLVE Campaign.”