Within the next month, 120 new rental housing units will be ready for occupancy in Langford, a concrete example of the power of federal financial incentives.
The five-storey Orono Place Apartments are undergoing final touches before being turned over to renters, thanks in part to a $31.5 million low-interest loan through sa国际传媒 Mortgage and Housing Corporation.
鈥淚t鈥檚 the difference between it happening and not happening,鈥� project developer Danny Jadresko, president of Woodsmere Holdings, said of the federal financing.
Jadresko said without that kind of federal backing, the project on Orono Road would never have seen the light of day.
鈥淚t takes effort from everyone, from local government, who work with us on zoning and density and from our team as well, you need a good team of people,鈥� he said.
But it鈥檚 the financial piece of the puzzle that is the cornerstone.
The loan comes from the federal Rental Construction Financing initiative, a program offered by sa国际传媒 Mortgage and Housing Corp. to provide low-cost financing for rental projects, to provide purpose-built rental at below-market rent.
That program is a big part of the federal government鈥檚 national housing strategy, which pledged $55 billion for affordable housing across the country.
The rental financing initiative was a key feature of a number of announcements made in Victoria last year ahead of the federal election, including a $75-million investment in 1,500 additional affordable housing units in sa国际传媒, and a $13.25-million loan for 60聽units of rental on Fort Street.
Maryam Monsef, minister of rural economic development and minister for women and gender equality, was in Langford Monday to showcase what that kind of financing can do.
Monsef said the program is a welcome mat for developers who want to work with government to build new affordable units.
鈥淭his is part of our commitment to create another 10,000 new affordable units in sa国际传媒,鈥� she said, adding they have already invested to create about 3,000. 鈥淭he more partners we have, the more quickly we will be able to achieve those numbers.鈥�
When told developers are often more concerned with delays at the municipal level than financing, Monsef said the federal government has to stick to its role. 鈥淲e believe communities have the solutions. We have to stick to our jurisdiction. No one wants Ottawa coming into their community and telling them how things ought to be done.鈥�
Orono Place is designed to provide energy efficiency savings and a reduction in greenhouse gas emissions of 21% compared with model building codes.
It will offer 35 suites at below-market rates, and includes 16聽suites for people with disabilities.
Langford Mayor Stew Young called it a good day for his city and the Island, and made note of sa国际传媒鈥檚 housing crisis. He said the federal government has made a difference for housing with the rental financing program.
