A brand-new affordable housing facility will be opening in Belleville next month.
The federal government is giving the city a $23-million, insured loan to help in the construction of a six-storey housing complex as part of their national housing strategy.
“Insuring housing affordability and stability for all Canadians is not a short-term fix,” said Ahmed Hussen, Minister of Families, Children and Social Development.
“We have to have a consistent, long-term plan to invest in large urban centres like Belleville.”
This new apartment building will house 103 units that will be located close to schools, public transit and family services.
Construction on the Magnolia Garden Residence began in December 2019, and while there is no exact date on when the building will be open, government officials say it will be open in June.
“People like teachers, nurses, shopkeepers, paramedics, firefighters and construction workers, and many others, are finding it harder and harder to afford rent,” Hussen said.
“They’re being forced to move further and further away from our cities.”
Located at 315 Station St., the Magnolia is just minutes from the downtown core.
Belleville mayor Mitch Panciuk said the new facility will help alleviate Belleville’s rental housing crisis.
As of last fall, Belleville’s vacancy rate was sitting at just 2.6 per cent.
“We realize that increasing the supply will mostly assist those in the vulnerable sector, by creating additional spaces in our community,” Panciuk said.
“But also, it’s really holding back our economy from expanding.”
Panciuk said he is optimistic this new housing will foster growth in the city.
He also couldn’t resist throwing in a small brag about a recent honour Belleville received from a nationally recognized organization.
“We continue to expect increased demand in Belleville,” Panciuk said.
“Maclean’s Magazine ranked Belleville as the fourth-best city in Canada to live in for 2020, so we are excited about our future.”
According to the developer, the accessible units in the building will be at least 40 per cent more efficient than current mandates.
The building is also designed to significantly reduce greenhouse gas emissions.