Federal government announces $42.4M housing investment for Kitchener
Posted Nov 3, 2023 12:58:10 PM.
Last Updated Nov 3, 2023 01:37:41 PM.
A major announcement has been made in Kitchener.
The city is receiving a federal investment worth $42.4 million through the Housing Accelerator Fund to build more houses in Kitchener.
Federal Minister of Housing, Sean Fraser, made the trip at 3241 King Street East in Kitchener Friday to deliver the news about the funding. He explained that the Housing Accelerator Fund serves as a federal financial incentive to make building homes easier for cities.
3241 King Street East is a site that will become a 24-storey apartment building with 304 housing units. The project was made possible by a federal program called the Residential Construction Financing initiative, which offered Vive Development a $115 million loan that must be repaid in 10 years.
Mayor Berry Vrbanovic said it’s an exciting day for Kitchener after months of work on the application. The support from the federal government will be crucial in the city’s efforts to reach their ambitious targets.
“It’s not only going to influence the construction of more than 1200 homes in three years, but ultimately our goal of 37000 homes in the next 10 years,” said Vrbanovic.
Fraser praised city staff and Mayor Berry Vrbanovic for their initiative as he called on other cities to follow Kitchener’s lead.
“No one city can do this on their own,” said Fraser. “But if we all pull in the same direction, all levels of government, the private sector and non-profit, we can absolutely overcome Canada’s national housing crisis and I’m pleased to see the steps Kitchener is taking today.”
