Ottawa loan boosts Winnipeg housing project

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This article was published 05/03/2021 (2021 days ago), so information in it may no longer be current.

A Transcona neighbourhood development is set to offer 29 “deeply affordable” housing units later this year, within a total of 87 reduced-rent homes.

The federal government will provide a $22.9-million low-cost loan to support the residential building at 140 Transcona Blvd. The six-storey Park City Commons structure will offer affordable rents for middle-class tenants, according to Ahmed Hussen, minister responsible for the Canada Mortgage and Housing Corp.

“This is an example of the type of project that actually serves everyone. Twenty-nine units out of the 87 units are deeply affordable, meaning those folks will pay annual rents which are at or less than 30 per cent of the Winnipeg household median income and the affordability of those units will be maintained for many, many years.”

The minister said the remaining units add to overall housing options, an increase that will help stabilize rental rates. He said paramedics, firefighters, construction workers and teachers may all fall into the middle-income bracket that could utilize such housing.

“The very people who run our cities… are at risk of being priced out of (housing in) the large urban centres,” said Hussen.

Keith Merkel, president of EdgeCorp Developments, said his company expects the units will be ready for tenants by July, with rent for the remaining 58 units priced at 10 per cent less than market value. He said the affordable rents will be guaranteed for 20 years.

Mayor Brian Bowman said the new builds will also help address the needs of some low-income Winnipeggers. As those in the middle-income category gain access to more mid-range units, the least expensive homes will become available for others, he said.

“When there are less options available… it does take up space that would otherwise be utilized by those in even greater need in our community.”

The new Park City Commons building will be constructed on a former city public works yard in the Regent neighbourhood. The new construction adds to a previous Park City building, which created 95 housing units with rents set at or lower than 30 per cent of the local median household income.

joyanne.pursaga@freepress.mb.ca

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