The federal government announced on Tuesday it will be injecting $24.5 million into a new affordable housing project in southwest Calgary.
The investment will go toward the construction of a five-storey rental building in the community of West Springs.
The building, called Mulberry, will feature both one- and two-bedroom units – with 96 units in total.
According to a news release, annual rents at Mulberry will be provided at rates less than 30 per cent of Calgary’s median household income.
Of the 96 units available, at least 31 will be held at or below these levels for a minimum of 21 years.
The announcement was made by Transport Minister Marc Garneau on behalf of Ahmed Hussen, the Minister of Families, Children and Social Development.
“Hard-working Canadians deserve an affordable place to call home that meets their needs,” Garneau said in a statement.
The project will be developed by Truman Homes, and is receiving financing through the Rental Construction Financing Initiative (RCFI), a National Housing Strategy program delivered by CMHC.
In a statement, Truman president George Trutina said the project will be one of the first projects in Calgary to receive construction and project financing support through the RCFI program.
“Truman is very proud to partner with CMHC and the Government of Canada as none of this would possible without their commitment to this worthwhile initiative,” Trutina said.
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