KITCHENER, ONT. — The federal government has announced funding towards the construction of 60 purpose-built rental homes in Kitchener, Ont.
The homes will be supported through a repayable low-interest loan of $16 million via the federal Rental Construction Financing Initiative, stated a release. The announcement took place at 50 Eighth Ave., where a six-storey rental apartment building is being constructed by 55 Franklin LP. Thanks to an agreement between 55 Franklin LP and the Region of Waterloo, phase one of the 55 Franklin project will offer at least seven one-bedroom homes with rents at or below $522 per month and at least 18 one-bedroom units with rents at or below $1,245 per month.
Of the 60 units available, 12 will be accessible, while the building will achieve a minimum of a 54 per cent decrease in energy intensity and 60 per cent decrease in greenhouse gas emissions relative to the requirements of the National Energy Code for Buildings.