The federal government is providing $8.5 million to help construct a rental building in the heart of Peterborough.
On Friday, Peterborough-Kawartha MP Maryam Monsef announced the funding, which will assist in the construction of a three-storey, 27-rental unit building at 888 Whitefield Dr., across from the Kawartha Golf and Country Club.
The building will provide one-, two- and three-bedroom options with many modern features.
The development by Parkview Homes is receiving financing through the Government of Canada’s Rental Construction Financing initiative, a national housing strategy program, delivered by Canada Mortgage and Housing Corp., that supports rental housing construction projects.
Monsef says the program encourages a stable supply of rental housing for middle-class families struggling in expensive housing markets.
In keeping with the borrower’s commitment, for a period of 11 years, rent for six units will be maintained at 90 per cent of 30 per cent of the city’s median income, and rent for an additional 11 units will be maintained at 30 per cent of the median income. According to a 2016 census, Peterborough’s median household income was $58,127.
In a phone call with Global Peterborough on Friday, Parkview Homes owner Paul Dietrich said the average price for a 1-bedroom unit would be $1,600 per month, and $2,900 per month for a 3-bedroom, though price may vary based on unit location.
In a press release from Monsef’s office, Dietrich says housing affordability is a “top priority’ for his company.
Construction of the property began in July 2019. It is expected to be complete by Feb. 28, and open for rental applications by Mar. 1.
“We achieve this objective by building housing at all levels of affordability, from small to family-sized homes within the Peterborough Community,” he said. “Parkview Homes would also like to acknowledge the support of Taylorwood Realty Advisors in promoting the CMHC RCF initiative and helping us navigate through the application and due diligence process. We are thankful of the collaboration and look forward to supporting the goals of the National Housing Strategy.”
“COVID-19 has reminded us that nothing is more important than a home,” Monsef said Friday. “As we all do our part to contain the spread, homes have become a sanctuary — a place of safety and refuge in challenging times. Today’s announcement means more than $30 million has been invested by the Government of Canada to renovate, subsidize and build 1,600 housing units in Peterborough-Kawartha.
“That’s 1,600 families with a safe roof over their head, 1,600 families who get to live, grow, and excel in this community we are all fortunate to call home. And there is more to come.”
Peterborough Mayor Diane Therrie says the city has a “significant” need for more safe and accessible housing.
“I would like to thank MP Monsef for her work to push this project forward, as well as CMHC and Parkview Homes for their commitment to providing secure, energy efficient units that meet the needs of our community,” she said.
Monsef says since 2019, the Government of Canada has now provided nearly $25 million to build housing in her riding with other projects such as the Brock Mission, Habitat for Humanity Peterborough, and Water Street. Another $5 million has supported The Mount Community Centre, Ontario Aboriginal Housing Services, and Peterborough Housing Corp.’s McRae project.