OAKVILLE, ONT. — The federal government announced over $1 billion in financing for new purpose-built rental homes through its Rental Construction Financing Initiative (RCFI) on Nov. 16, adding to the over $2 billion in rentals announced under the same program earlier last week.
Most of the Nov. 16 funding went to Montreal, the North Shore of Montreal and the South Shore of Montreal, where $925 million will be spent to build 2,976 rental units across 20 projects.
The same day, the federal government announced $55.7 million to build 131 purpose-built rentals in Oakville, Ont. and $180 million to build 590 rentals across four projects in Abbotsford, Langley and Surrey in British Columbia.
Earlier in the week, the government used the RCFI program to support purpose-built rentals in Toronto, Kitchener, Ottawa and the London area, all in Ontario, in Nova Scotia, and in Surrey, B.C.
The Surrey allocation of $319.5 million will support 843 rental units across three projects.
The funding is provided as repayable low-interest loans through the RCFI, delivered by the CMHC.
Halton Region contributed $6.25 million to the Oakville project, creating 25 new assisted rental apartments in an eight-storey apartment building that is being constructed by One Urban.
“We continue to deliver more assisted housing opportunities for the Halton community,” stated Halton Regional Chair Gary Carr in a statement. “Everyone deserves a roof over their head and this is supported by strong partnerships with other levels of government and the development community.”