Federal government announces more than $60 million in funding for new rental homes in Ontario

The federal government recently announced over $60 million to build 204 purpose-built rental homes across two projects in Kingston and Peterborough.

The announcement was made on November 17, 2023, at the 11 Wright Crescent project by Mark Gerretsen, Member of Parliament for Kingston and the Islands, on behalf of Sean Fraser, Minister of Housing, Infrastructure and Communities.

The announcement noted that funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

This project, located at 11 Wright Crescent in Kingston, is a six-storey apartment building with 129 purpose-built rental units and suites that range from bachelor to two-bedroom units with a balcony or patio and modern finishes. The building is located close to community amenities including grocery stores, the library, the YMCA and the Kingston transit hub.

The announcement noted that construction is expected to be completed by early 2024.

The second project which was announced, is located at 282 Aylmer Street in Peterborough and is a six-storey apartment building with 75 purpose-built rental units and 11,000 square feet of commercial space. The building is in close proximity to parks, shops, the library, and public transit stops. Additionally, the building will recognize the history and culture of Montreal House, a significant site to the local Francophone community.

This project is expected to be completed by the fall of 2024.

Funding details for the two projects include $39.3 million from the RCFi for 129 units at 11 Wright Crescent in Kingston and $21.4 million from the RCFi for 75 units at 282 Aylmer Street in Peterborough.

“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,” said Sean Fraser, Minister of Housing, Infrastructure and Communities.

The federal government introduced the RCFi to help build more rentals across the country since Canada’s construction of rental homes has not been able to keep up with the country’s growing cities and population.