The federal government has announced over $55.7 million to build 131 purpose-built rental homes in Oakville. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made at the 2475 Old Bronte project by Pam Damoff (MP Oakville North—Burlington) on behalf of Housing and Infrastructure Minister Sean Fraser, alongside Oakville MP Anita Anand.
This 8-storey purpose-built rental apartment building is being constructed by One Urban, West of downtown Oakville, in a developing residential neighbourhood close to schools, a hospital, parks, grocery store, and major transit routes. The building includes 29 accessible homes, and all common areas have also been designed to be accessible.
The project emphasizes environmental sustainability through the implementation of geothermal heating and cooling and through reducing greenhouse gas emissions and is forecasted to save 2 million liters of water annually, cut hydro energy use by 47.5 per cent, and reduce greenhouse gas emissions by over 60 per cent.
The project, which is expected to be completed as early as the spring of 2024, has also received $6.25 million in grant funding from Halton Region.
The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians.
