Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation
Government of Ontario

Government of Ontario
Region of Waterloo

Region of Waterloo
City of Cambridge

City of Cambridge

March 13, 2017 13:00 ET

New Affordable Rental Homes Coming to Cambridge

CAMBRIDGE, ONTARIO--(Marketwired - March 13, 2017) - A groundbreaking ceremony was held today for new affordable rental homes in Cambridge. A 34-unit apartment complex will be built at 175 Hespeler Road to give residents of Cambridge a safe, affordable place to call home.

Bryan May, Member of Parliament for Cambridge, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation, along with Kathryn McGarry, Member of Provincial Parliament for Cambridge, on behalf of the Honourable Chris Ballard, Ontario's Minister of Housing and the Minister Responsible for the Poverty Reduction Strategy, were on hand for the announcement.

Quick Facts:

  • 175 Hespeler Road received more than $4.2 million in funding from the federal and provincial governments for this new development through the Investment in Affordable Housing agreement.
  • This funding will help to build a brand new, five-storey facility at 175 Hespeler Road.
  • The Hespeler Road facility will be located in a mixed use neighbourhood near parks, schools, restaurants and other amenities. It is also within a short walk of a rapid transit station.
  • Today's announcement also celebrated the opening of two IAH units for clients with mental health challenges at Preston Arbour in Cambridge.
  • The federal and provincial governments combined to contribute $240,000 for the development of the IAH units at Preston Arbour.

Quotes:

"This project is vital for the people of Cambridge. It creates jobs in our community, and more importantly, it creates homes for those who need them most. As a Member of Parliament, I've spent a lot of time studying poverty and affordable housing with my parliamentary committee, and I know that projects like these make a significant impact in the lives of the residents who will call this building home." - Bryan May, Member of Parliament for Cambridge

When people have a roof over their heads, they can concentrate on other things in their lives, like raising a family or securing long-term employment. That's why our governments are investing $4.3 million in new affordable housing to create more low-cost housing in Cambridge and provide families with a safe, affordable place to live, work and raise their family" - Kathryn McGarry, Member of Provincial Parliament for Cambridge

"Since 2001, over 2,300 affordable housing units have been created under the Region's Affordable Housing Strategy through partnerships the Region has forged with local municipalities, community housing proponents and the Provincial and Federal government. Home Concept Property Management and Thresholds are examples of the continued partnerships formed to leverage much needed affordable housing across our growing community." - Regional Councillor Geoff Lorentz, Chair of the Community Services Committee, Waterloo Region

"With over 30 years of experience delivering affordable housing in the community, we continue to commit ourselves to addressing the growing need for good quality, affordable rental housing. Apartment buildings such as this, especially in a station area on a major transit route, are vital to our efforts to provide suitable, well located affordable housing for low income members of our community." - Steve Garrison, General Manager, Home Concept Property Management and Housing Cambridge

Associated links:

- Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada's authority on housing, 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 Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC's operations. For more information, please call 1-800-668-2642 or visit www.cmhc.ca.

- Investing in affordable housing programs is part of Ontario's plan to create jobs, grow the economy and help people in their everyday lives. Since 2003, the province has committed more than $5 billion in funding for affordable housing, which has helped support more than 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 households in need. These investments complement the commitments made through Ontario's recent Long-Term Affordable Housing Strategy update, and support the province's goal of ending chronic homelessness by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing

Stay connected:

- Follow CMHC on Twitter, YouTube, LinkedIn and Facebook.

- Follow Ontario's Ministry of Housing on Twitter.

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