CALGARY – Residents of Calgary will have access to more stable rental housing options following investments made by the Government of Canada.
The federal government announced a $74.7 million low-cost loan to help construct a new residential building located at 1538 10th Avenue SW, known as Sunalta Heights Phase 1. The building consists of, 92 one-bedroom units, 115 two-bedroom units. This includes two barrier free units, two adaptable and 22 with enhanced accessibility features. 53 units will offer deep affordability with discounted rents for 21 years.
“Every Canadian deserves a safe and affordable place to call home,” said Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC) on June 16.
“That’s why, through new investments like Sunalta Heights by Interloq Capital, 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 Calgary need.”
Sunalta Heights Phase 1, developed by Interloq Capital, is a 27-storey residential building that will provide Calgary with 207 new units of much needed rental housing within walking distance the trendy Beltline district, amenities, and public transit. This includes the Sunalta LRT station located just 200m from the building, which also connects residents to the bus rapid transit system. It will accommodate eight electric vehicle charging stations, underground parking, 150 secure bicycle stalls and a new transit stop along 10th Avenue. This project is located directly on a bicycle path, which is a part of the Centre City Cycle Track Network and recreational paths along the Bow River.
The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.
The vacancy rate in the Beltline district of Calgary is at 5.8 per cent (October 2020). Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
The City of Calgary provided public support, planning concessions and expedited review processes for this re-development project located within the Greater Downtown Plan.