Feds invest $7M in Waterloo Region affordable housing
The federal government announced an investment of more than $7 million into two affordable-housing projects in Waterloo Region on January 13.
The 74 combined housing units are a part of two projects, and will support people who are in uncertain housing situations, experiencing or at risk of homelessness, or living in temporary shelters because of the pandemic.
More than half of the funding—$4.5 million—is being invested through the Major Cities Stream under the Rapid Housing Initiative (RHI). The remaining $2.6 million is provided through Canada's Homelessness Strategy program.
The first project, managed by KW Urban Native Wigwam Project, will be located at 27-31 Cambridge Street in Cambridge. All 30 units will be created for Indigenous People; 16 will be for Indigenous women and their children.
The second building will be administrated by OneROOF and will be located at 35 Sheldon Avenue N. in Kitchener. The project will create an estimated 44 units including 25 units for homeless people, 15 units for people with mental health or addiction issues and 4 units for Indigenous People.
Substantial construction completion of both projects is expected by the end of 2022.
"Affordable housing continues to be a priority for the Region of Waterloo through our affordable housing plan, Building Better Futures: 2,500 Homes in 5 Years,” said Regional Chair Karen Redman. “We welcome these two new projects made possible by funding from the Government of Canada and the Region of Waterloo's Equity Fund. Through this partnership and collaboration, we will see 74 new affordable homes in our Region, leading to a better quality life for residents."
The funding builds on the recently announced $6.6 million invested through RHI in the Waterloo Region just last month.
Launching in October 2020, the RHI is a $1.5-billion program created to help address urgent housing needs of vulnerable Canadians, especially in the context of COVID-19, through the rapid construction of affordable housing.
The program funding investment is divided into two streams: the Cities Stream, which provides $500 million in funding to municipalities across Canada, and the Projects Stream un which $1 billion will be allocated to eligible applications.
At least 25 percent of the program funding will go toward women-focused housing projects. The units will be built within 12 months of when funding is provided to program applicants.