The federal government announced Monday it is providing a “low-cost construction loan” of $16 million for an affordable housing project in Calgary.
Bishop’s Manor, a 104-unit building located at 200 Nina Gardens N.E., is receiving the loan from the Canada Mortgage and Housing Corporation’s Rental Construction Financing initiative.
According to CHMC, the RCFi provides “lower-cost repayable loans for 10-year terms offering cost predictability during the earliest stage of rental development.”
Based on income and unit size, families will pay between $550 and $1,350 for rent in Bishop’s Manor, according to Ahmed Hussen, minister of families, children and social development and the minister responsible for the CMHC.
“All of these homes will have energy efficiency, accessibility, and these units will be close to places where people work, study and volunteer and access community services,” Hussen said.
He explained that the project not only focuses on affordability but also livability.
“These families will help keep this neighbourhood vibrant, dynamic and resilient. At the end of the day, that’s what this is all about,” Hussen said.
“It’s about ensuring a better quality of life for all Canadians while building more affordable housing.”
Mayor Naheed Nenshi said while any investment is welcome, more support is needed.
“It’s so exciting to see a lot of this happening because as everyone knows, Calgary has a desperate need for new, affordable housing,” he said.
“We’re far below the national average in terms of people who are able to access below-market housing, and our immediate need is 15,000 new homes.”
People will start moving into Bishop’s Manor on April 19.