WETASKIWIN – Today, the Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), announced that the federal government is financing $5.8 million to help construct new multi-unit residential housing located at 5609 – 52 St. in Wetaskiwin.
Quantum Apartments is a 5-storey multi-family residential building that will provide Wetaskiwin with 36-units of much needed rental housing. Just over half of the units at Quantum Apartments will have rents at 75 per cent of market rate in Wetaskiwin, and will be maintained for a minimum of 11 years from the date of first occupancy.
“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 Wetaskiwin need,” said Hussen.
This project, Quantum Apartments by Josan Properties, is receiving financing through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
Residents began moving in on Nov. 1, 2020, and the building is now 94 per cent occupied.
“The RCFi is a great program for developers and we hope to see similar programs in the future so that we can continue building multi-unit housing in Canadian communities,” said Raka Josan, President, Josan Properties.
The project includes barrier free access, including units with universal design, adaptable units, and units that meet or exceed local accessibility requirements.
Quantum Apartments is designed to achieve a minimum of 24 per cent decrease in energy intensity and 17.5 per cent decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion. The program will run until 2027. Through the RCFi, the Government of Canada is encouraging the construction of more than 42,500 new rental housing units.
The goal of the RCFI is to increase the supply of new purpose-built rental housing options for middle class families across Canada, enabling them to live in the cities and communities that they work in and access for services.