Government backs new project with $62.4-million loan
The Canadian federal government announced a $62.4 million investment for the construction of 139 rental units in Waterloo through fully repayable low-interest loans from the Apartment Construction Loan Program. This initiative aims to address the growing need for rental housing by providing new homes for middle-class families and individuals.
The funding will support the creation of The Carrick, a new 12-story residential building at 194 Erb Street West, which will feature modern amenities including a fitness centre, outdoor terrace, and a collaboration lounge. The building's location is strategically chosen for its proximity to public transportation, shopping centres, major employers, and educational institutions.
The Carrick is set to be completed by 2025.
"We need to boost housing supply, this is why we are making strategic investments through programs like the Apartment Construction Loan Program to build much-needed rental units in Waterloo Region and across the country," said Bardish Chagger, the Member of Parliament for Waterloo.
The Carrick also hopes to offer affordable living with lower energy costs, thanks to its all-electric variable refrigerant flow system for heating and cooling.
This initiative is one of several under Canada's National Housing Strategy, a comprehensive $82-billion plan aimed at improving housing affordability and accessibility across the country. Through the Apartment Construction Loan Program and other measures, the federal government is actively working to construct more than 71,000 rental homes in Canada, where the growth of rental construction has not kept pace with the needs of its expanding cities and population.
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