Combined federal and Ontario government funding of more than $46 million will support several projects to help create nearly 1,100 homes in Peterborough, Ont.
The bulk of the funding is $42 million via the National Housing Co-investment Fund. Other sources include $1.8 million through the Ontario Priorities Housing Initiative (OPHI), and over $2.4 million through the Canada-Ontario Community Housing Initiative. The City of Peterborough is also providing over $5 million.
The announcement Tuesday was held at 681 Monaghan Rd., where construction continues on a new six-storey, 53-unit apartment complex slated to open by summer 2024. The project received $18.9 million in federal funding (via the Rapid Housing Initiative) along with $40,000 in SEED funding, $854,8010 through the OPHI and over $4 million from the city. It will provide rent-geared-to-income units to serve multiple vulnerable populations including those at risk of homelessness.
Other projects which have received funding:
- Repairing 945 homes owned and operated by the Peterborough Housing Corporation (PHC) with more than 30 per cent of units allocated to women and children and at least 20 per cent accessible. All repairs are expected to be completed by December 2025. Funding will see $3.5 million from the federal government and $8 million from the city.
- A six-storey, 85-unit building at 555 Bonaccord St, — known as Hunt Terraces. Opened in April 2023, the building offers one- and two-bedroom units for people experiencing homelessness. The project saw $19.8 million from the NHCF, $50,000 in SEED funding, $3.2 million from the PHC, $177,958 from the Ontario government and over $1 million in municipal investments.
Tuesday’s announcement was made by London North Centre MP Peter Fragiskatos, parliamentary secretary to the federal Minister of Housing, Infrastructure and Communities, on behalf of the federal Housing Minister Sean Fraser.
“With this announcement, we are supporting the needs of Indigenous Peoples, seniors, people with disabilities, Black Canadians, women and their children and other vulnerable communities across Peterborough,” Fragiskatos said. “This funding will make it possible for thousands of families and individuals to access new homes, taking a crucial step towards addressing the need for affordable housing in these communities.”
Peterborough-Kawartha MPP Dave Smith said the announcement highlights the commitment to affordable housing in the region.
“Our government made a commitment to the people of Ontario to get the full spectrum of housing built and that includes accessible and affordable housing,” Smith said Wednesday. “Today’s announcement ensures that people in our community have access to affordable housing that provides a safe and supportive environment.”
Peterborough Mayor Jeff Leal and city councillor Keith Riel, both said the funding announcements will help address the city’s “housing crisis.”
“The City of Peterborough has a housing crisis,” Leal said. “We have a vacancy rate of 1.1 per cent, lowest in Ontario today, and our average rent ranks 10th highest in Canada. This announcement is a significant first step in addressing the housing pressures our residents are facing. I want to thank the Government of Canada and the Government of Ontario for their support, and our local (Conservative) MP Michelle Ferreri and MPP Dave Smith for their tremendous advocacy for this project. By working together, we will keep building a better tomorrow.”
Added Riel: “The funding announcement by CMHC and the Government of Ontario will allow the City of Peterborough and our housing provider Peterborough Housing Corporation to move forward on meeting and supplying much needed housing.”
Ferreri, MP for Peterborough-Kawartha, on her Facebook page called the federal government’s $20 million funding for the Monaghan Road project a “significant” contribution on the local level. She said she helped lobby federal ministers to approve the city’s application for the project and received word in July about its approval.
“That was a day it felt pretty amazing to be a member of Parliament,” she said. “Sometimes things are really tough in government because things are so slow. But it happened.”
Ferreri said the “application process” for such housing projects is “too long” and needs to be streamlined.
“People were waiting on pins and needles for this,” she said. “I’m glad I was able to advocate for this, but at the same time, there is a lot more we can do to access affordable housing.”
However, several MPs, including Mark Gerretsen (Kingston and the Islands) criticized Ferreri’s claim of advocating. He called Ferreri’s claim “Conservative hypocrisy,” noting in April 2022 she voted against the federal housing program.
The NHCF, a program under the 10-year, $82-billion National Housing Strategy, gives priority to projects to help vulnerable residents including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.