The federal government has announced $62 million in financing for a developer in Waterloo to build dozens of new rental housing units.

Located at 194 Erb Street West, The Carrick will be a 12‐storey building offering 139 rental apartments. It will feature amenities and common areas like a collaboration lounge, guest suite, outdoor terrace, and fitness center. It is located within 800 metres of an LRT station and is close to the shops at Waterloo Town Square, the main Waterloo Public Library, the city's uptown core, and several major employers including the University of Waterloo, Wilfrid Laurier University, and Shopify.

"We are proud to be working in partnership with CMHC to address the undersupplied housing stock in Canada,” said Philip Fraser, President and CEO of developers Killam Apartment REIT. “By integrating the aspects of affordability, accessibility, and energy-efficiency in our Waterloo development, we have received a low interest rate loan from CMHC for the construction and permanent financing of the property with a 10-year term. We look forward to working with CMHC and the City of Waterloo on future rental developments in this vibrant community."

The project, expected to be completed by May 2025, is designed to keep energy costs low for residents. The heating and cooling system will use variable refrigerant flow, an all-electric system to help do so.

Funding is being provided as a fully repayable low-interest loans through the federal government’s Apartment Construction Loan Program. The program, which was previously known as the Rental Construction Financing Initiative, is part of the federal government's $82-billion National Housing Strategy.

Through the program, the federal government is encouraging the construction of more than 71,000 rental homes.