MONTRÉAL, Oct. 16, 2024 /CNW/ – Today, the federal government announced an investment of nearly $71 million for the construction of 207 purpose-built rental units. Funding is provided as fully repayable, low-interest loans through the Apartment Construction Loan Program (ACLP).

The announcement was made on the project site for Exal NDG in Montréal by the Honourable Steven MacKinnon, Minister of Labour and Seniors, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and Anna Gainey, Member of Parliament for Notre-Dame-de-Grâce–Westmount.

The Exal NDG project is located on Saint-Jacques Street in the borough of Côte-des-Neiges–Notre-Dame-de-Grâce de Montréal, an area undergoing rapid redevelopment and served by many public transit routes.

The project aims to be LEED Homes certified under the Canada Green Building Council’s LEED program and WELL certified based on its high-end design and construction standards aimed at ensuring the health and well-being of future residents.

In addition to superior construction quality and energy efficiency, the project features several eco-friendly initiatives, such as exclusive access to electrical car sharing by residents or urban agriculture on the roof, which provides seasonal vegetables.  

The ACLP stimulates rental housing construction by providing builders and developers with low-cost repayable loans. The program is helping to build more than 131,000 apartments across Canada.

Quotes:

“By making it easier, less costly and faster to build rental housing in Montréal, our government is ensuring that Quebec families have access to a safe, affordable home. Today’s announcement marks another step in our work to end Canada’s housing crisis once and for all.” – The Honourable Steven MacKinnon, Minister of Labour and Seniors and Member of Parliament for Gatineau

“The Government of Canada is committed to working with communities to rise to the challenge of building more housing in Montréal and throughout Quebec. Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing more than $70 million in 207 units. This new housing will benefit middle-class individuals and families while stimulating the local economy.”  – Anna Gainey, Member of Parliament for Notre-Dame-de-Grâce–Westmount

“With our expertise in the development and construction of condominiums, multi-residential rental buildings and affordable and social housing, Construgep has been helping to transform the urban landscape for 25 years. With over 1,800 residential units built, and more than 2,000 units under development, Construgep’s motivation and strong belief remains the same: to build living environments that respond to the different realities of residents.

The EXAL banner represents the very embodiment of our commitment to designing high-quality, eco-friendly housing. The apartments in the EXAL NDG project will feature welcoming common spaces that will enable residents to get together and socialize.” – Stéphane L’Espérance, President, Construgep

“Groupe MACH is one of Canada’s leading private real estate owners and developers, with a portfolio of over 45 million square feet and more than 250 properties, including EXAL NDG. We are all very pleased to contribute to this major investment for the EXAL banner, an innovative project that embodies our vision of high value-added, sustainable real estate development.” – Vincent Chiara, President, Groupe MACH

Quick facts: 

• The Apartment Construction Loan Program (ACLP) is part of the Government of Canada’s National Housing Strategy (NHS), a plan for investing more than $115 billion over 10 years to give more people in Canada a place to call home.
  
  
• The ACLP offers fully repayable, low-interest loans to help boost rental construction for middle-class Canadians. This program has a positive impact on the housing system at minimal cost to taxpayers. 
  • It is one of many NHS programs and initiatives designed to help meet housing needs across the country. 
  • It complements other NHS initiatives that emphasize funding for affordable housing for low-income households. 
  • Through the program, the federal government is boosting the construction of more than 131,000 rental units by 2031–2032. 
  • A stable supply of rental housing is essential to ensuring that more people in Canada have access to housing that meets their needs.  
• In addition to the $15 billion announced in the 2023 Fall Economic Statement for the ACLP, the 2024 budget announced an additional $15 billion in loans to build at least 30,000 new rental apartments, bringing the total funding to $55 billion.
• As of March 2024, the federal government had committed nearly $51 billion to support the construction of more than 146,000 housing units and to complete repairs on an additional 286,000. The measures prioritize those in greatest need, including seniors, Indigenous people, people experiencing or at risk of homelessness, and women and children fleeing violence. 

Related links: 

• Visit canada.ca/housing for the most requested Government of Canada housing information. 
• As Canada’s authority on housing, Canada Mortgage and Housing Corporation (CMHC) contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford, and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook. 
• Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows the affordable housing projects developed so far. 

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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