Region selling land to accelerate build of affordable housing in Cambridge

The Region of Waterloo is hoping to accelerate some affordable housing in Cambridge by selling two parcels of land.

An affordable housing development has been in the works at 30 Lauris Ave. for more than a year, and construction could start as early as this fall.

The development is slated to have 106 units, with at least 30 per cent of those units designated as affordable for a 30 year term, meaning the rent will be at or below 80 per cent of the Canadian Mortgage and Housing Corporation median market rent for Waterloo Region.

The region is selling off two parcels of land, designed for single-family homes, at market rate to help fund the project.

The project is part of the Building Better Futures Initiative, a plan to build 2,500 affordable homes across Waterloo Region over a five-year period that ends in 2025.

According to the region, the lot at 30 Lauris Ave. primed and ready to be developed on, located in a well established neighborhood near schools and amenities.

The lot is the location of the former Alison Park Public School which burned down in 2008.

The Region of Waterloo purchased the land in 2018 with the intention of using it for affordable housing.

More details on the project, as well as a Request for Proposal, is expected in the fall. The region added that there will be opportunities for public engagement as the project progresses.