AJAX, ONT. — The federal government has announced funding for affordable housing projects in Ajax and London, both in Ontario.
In Ajax, the government is allocating $60 million to Medallion Developments for the construction of phase one of the three-phase development known as Vision at Pat Bayly Square, noted a Feb. 11 statement. The 25-storey building will provide affordable homes to 308 families. All units will have rents at or lower than 30 per cent of median household income in the area and at least 10 per cent of the units will be accessible.
The rental market vacancy rate in Ajax is at 1.3 per cent.
The new building is targeted to achieve energy savings of 17.8 per cent and a reduction in greenhouse gas emissions of 25 per cent, the release indicated.
“Medallion Developments applauds the initiative taken by the federal government through CMHC to launch the National Housing Strategy and are proud to be participating in this program,” commented Peter Grater, a vice-president at Medallion, in the statement.
In London, the government is spending $4.4 million for the construction of a four-storey building. Of 54 units, 50 will be rented at affordable rates while four will be rented at market rates.
Located at 770 Whetter Ave., the project will be developed by Homes Unlimited (London) Inc.
The project will include 16 accessible units. Of these eight are designed for barrier-free access while all interior and exterior common areas are wheelchair accessible. The project also features 68 exterior parking spaces and 41 bicycle stalls.
The rental market vacancy rate in London is 2.1 per cent.
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