Ottawa loaning $925M to create rental homes in Greater Montreal
The federal government announced it will loan over $925 million to developers to create nearly 3,000 rental homes across Greater Montreal.
The money, provided through Canada's Rental Construction Finance Initiative (RCFI), will go to 20 projects across the city, as well as its north and south shores.
By providing low-interest loans to developers, the RCFI says it intends to encourage the construction of rental housing nationwide.
The $925 million reserved for Greater Montreal is expected to bring 2,976 lodgings to the area.
"Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home," reads a press release issued by the Canada Mortgage and Housing Corporation (CMHC).
Ottawa officials made the announcement Thursday at the site of Cité Nature 5, a high-rise apartment building expected to be complete in 2025.
The project received $63.04 million through the RCFI.
Earlier this month, the federal and provincial governments also announced they would each invest $900 million over the next four years to create more housing in Quebec.
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