CALGARY, Feb. 11, 2020 /CNW/ – Thanks to an investment from the Government of Canada, Calgary residents will soon have more affordable places to call home in Calgary.
The Honourable Marc Garneau, Minister of Transport, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced an investment of $24.5 million toward the construction of the Mulberry, a 5-storey 96-unit rental building featuring one- and two-bedroom homes in the residential district of West Springs.
Developed by Truman Homes (Truman) the project is receiving financing through the Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC. The initiative supports rental housing construction projects to assist in providing a stable supply of rental housing for middle-class families living in expensive housing markets.
Annual rents at Mulberry will be provided at rates less than 30% of Calgary’s median household income, with at least 31 units held at or below these levels for a minimum of 21 years. More than ten percent of the homes at Mulberry will meet municipal accessibility requirements.
“Hard working Canadians deserve an affordable place to call home that meets their needs. Through Canada’s first National Housing Strategy, our government is taking action to strengthen the middle class and create more housing options in areas across the country that need it most. Here in Calgary, the new Mulberry building is going to be a great example of our strategy in action, adding almost a hundred homes to this community.”—The Honourable Marc Garneau, Minister of Transport
“Mulberry at West District by Truman is one of the first projects in Calgary to receive construction and project financing support through the RCFi program. As leaders in the development industry, paired with our experience working with CMHC we have demonstrated this innovate federal model allows developers to provide attractive affordable homes for individuals and families in Calgary and throughout Canada. Truman is very proud to partner with CMHC and the Government of Canada as none of this would possible without their commitment to this worthwhile initiative.” — George Trutina, President, Truman
- Mulberry is designed to achieve energy-efficiency savings of 20.4% and a reduction in greenhouse gas emissions of 21.2% relative to the 2015 NECB.
- The surrounding rental market has a lower vacancy rate (3.1%) compared to the rest of Calgary (3.9%), with limited supply of purpose-built rental in the immediate area.
- Launched in April 2017, the RCFi is investing $13.75 billion to encourage the construction of 42,500 new rental housing units across Canada.
- Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need. The rental market is an important housing option for approximately 30% of Canadians.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation