Millions in funding released for new homes in Cambridge, ON

New housing complex is scheduled for completion by spring 2023

Millions in funding released for new homes in Cambridge, ON

Governments have announced more than $18 million in funding for much-needed new housing supply in Cambridge, Ontario.

Supporting the development of a 55-unit mixed-income residential building located at 195 Hespeler Road, the federal government is investing nearly $15 million in the project, while the provincial government is contributing nearly $1.4 million through IAH and more than $280,000 from the Social Infrastructure Fund. Waterloo is contributing $634,520 and Cambridge is contributing $700,000.

The affordable housing complex is being developed by Home Concept Property Management. Construction is scheduled for completion by spring 2023.

Read more: What’s next for Canada’s housing market?

“These affordable and supportive units will provide more than a roof over someone’s head. They will serve as a safe place to learn, grow and heal,” said Cambridge mayor Kathryn McGarry. “This project is an excellent example of an incredible partnership with a common goal: to offer support to those in our community who need it most.”

“Our government’s policies have delivered historic results in getting more housing built faster and complement our nearly $4.4 billion [in] investments over the past three years to grow and enhance community and supportive housing, address homelessness, and respond to COVID-19,” added Steve Clark, Minister of Public Affairs and Housing. “Ensuring all Ontarians have a home that meets their needs and budget, especially our most vulnerable, is a top priority for our government.”