Saskatoon to see 120 new rental homes built with $38M commitment from feds
Global News
The project will see the construction of 120 rental homes in a new development in Saskatoon, with two and three-bedroom units being built.
Saskatoon will see the construction of 120 new rental homes as the federal government continues to make funding announcements related to its recently announced budget.
Bucky Belanger, secretary of state for rural development, announced Wednesday that $38.3 million in funding was being committed for a stacked townhome development in the city, which will be known as Aurora Pointe.
The development will be located at 102 Henry Dayday Rd. in the Aspen Ridge neighbourhood.
The funding is part of the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program, which the CMHC says provides low-interest loans to eligible borrowers to encourage the construction of more rentals.
“With CMHC’s (Canada Mortgage and Housing Corporation) support and the participation of key community partners such as the Canadian Mental Health Association – Saskatoon, housing programs like this make it possible for us to deliver the best affordable housing possible in Saskatoon,” said Tyler Mathies, CEO of the National Affordable Housing Corporation, which is developing the townhome project.
The government says the 120 homes being built will be geared towards families, with two and three-bedroom units constructed.
The loan program is one of the CMHC’s initiatives geared at addressing the housing crisis, with the federal budget noting the corporation would maintain its funding for the program.
The CMHA’s Saskatoon branch said it was “deeply grateful” for the announcement, citing the benefits to housing.
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