The project is aimed at fulfilling the area’s dire need for affordable housing
Governments have announced a new multi-million-dollar investment in the construction of close to 100 new affordable housing units in Barrie, Ontario.
The nearly $26 million in funding will be an insured loan that will help construct a new eight-storey residential building located at 233-245 Dunlop Street.
Developed by MDM Developments, the project will provide Barrie with 93 new rental housing units, ideally situated in proximity to public transit, schools, and services for families.
“We have reached a critical point in the lack of affordable housing units in Barrie,” said Barrie mayor Jeff Lehman. “Continuing to encourage the market to build purpose-built rental like this [development] to the point where it actually starts to bring rents down is how we tackle this issue. This is an important step towards addressing this housing affordability crisis.”
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The project is being supported by the Canada Mortgage and Housing Corporation through its Rental Construction Financing initiative.
“By providing financing for new housing builds like we have for 233-245 Dunlop Street West Apartments, 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 for middle-class families here in Barrie, the surrounding regions and across Canada,” said Tony Van Bynen, Member of Parliament for Newmarket-Aurora.
