The federal government announced over $20 million to build 48 purpose-built rental homes in Orillia. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
Located at 175 Oxford, the Regent Park House by Kindred Works will transform an underutilized parcel of land into a medium-density housing development, through three-storey walk-up apartment units with a total of 48 units. There will also be a garden to make it more lively and sustainable for the residents.
Construction of the project is expected to be completed by the spring of 2025.
Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“The federal government’s Rental Construction Financing Initiative is doing exactly what it is designed to do, enabling the building of safe, secure mixed income rental housing for Canadians across the country. We’re thrilled that our Orillia project, the Regent Park House, is part of this initiative. Because of this program we will be able to provide one third of the units at below market rent meeting the Core Housing Need of those in Orillia community” – Tim Blair, CEO & Managing Partner Kindred Works.
“We are excited Regent Park House in Orillia is under way, it represents our commitment to reach carbon neutrality in our developments. The project is designed to use very little energy and generate as much electricity as it uses over a year, resulting in zero carbon emissions in operations. Through careful selection of materials, we are also achieving a 50 per cent reduction in embodied carbon in construction materials.” – David Constable, Managing Partner Kindred Works
- The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
- The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.