CALGARY – The federal government is investing $24.5 million toward the construction of the Mulberry, a 5-storey 96-unit rental building featuring one- and two-bedroom homes in the residential district of West Springs in Calgary.
Developed by Truman Homes the project is receiving financing through the Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC). The initiative supports rental housing construction projects to assist in providing a stable supply of rental housing for middle-class families living in expensive housing markets.
Annual rents at Mulberry will be provided at rates less than 30 per cent of Calgary’s median household income, with at least 31 units held at or below these levels for a minimum of 21 years. More than ten percent of the homes at Mulberry will meet municipal accessibility requirements.
“Hard-working Canadians deserve an affordable place to call home that meets their needs,” said Marc Garneau, Minister of Transport. “Through Canada’s first National Housing Strategy, our government is taking action to strengthen the middle class and create more housing options in areas across the country that need it most. Here in Calgary, the new Mulberry building is going to be a great example of our strategy in action, adding almost a hundred homes to this community.”
Mulberry is designed to achieve energy-efficiency savings of 20.4 per cent and a reduction in greenhouse gas emissions of 21.2 per cent relative to the 2015 NECB. The surrounding rental market has a lower vacancy rate (3.1 per cent) compared to the rest of Calgary (3.9 per cent), with limited supply of purpose-built rental in the immediate area.
Low-cost loans are available to borrowers who want to build affordable rental housing in Canada in response to demonstrated community need. The rental market is an important housing option for approximately 30 per cent of Canadians.
Launched in April 2017, the RCFi is investing $13.75 billion to encourage the construction of 42,500 new rental housing units across Canada. Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
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