The Government of Canada is putting its weight behind an Ottawa development that looks to make housing more affordable for the capital’s aging residents.
The federal government announced Wednesday that it would provide a $7.84-million loan to The King's Daughters and Sons Apartments, an Ottawa-based non-profit expanding an existing apartment complex in the Glebe.
The six-storey, 58-unit development, located at 567 Cambridge St. S., is an addition to a 70-unit building also aimed at senior residents. In July 2018, the city issued a building permit for the addition that pegged the cost of the project at $8.2 million.
The new apartment would set rents for 38 of the units at or below 70 per cent of the market’s average for 35 years. The remaining 20 units would be held at the average rent over the same period.
The funding is provided through Canada Mortgage and Housing Corp.’s Rental Construction Financing initiative, which currently has a budget of $3.75 billion between 2017 and 2021. The Liberal government has proposed to expand the program in its latest budget.
Cahdco, CSV Architects and Morley Hoppner are assisting KDS with the design and construction of the development. CLV Group will act as the property manager when complete.