The federal government announced more than $6.9 million in funding Tuesday to support a non-profit housing project for seniors in Alta Vista.
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The federal government announced more than $6.9 million in funding Tuesday to support a non-profit housing project for seniors in Alta Vista.
The government said the funding is part of the Build Canada Homes initiative, which launched last September to accelerate the construction of affordable, transitional and supportive housing units across the country.
The funding announced Tuesday will support the extension of the Ellwood House at 2262 Braeside Ave. The non-profit community-based organization is looking to increase its capacity by adding 38 rental units for independent low- and medium-income seniors.
"Projects like Ellwood House make their communities better, and better communities benefit us all,” Ottawa South MP David McGuinty said in the release.
"Affordable and accessible housing for seniors is a priority for our city. These new homes at Ellwood House will allow older adults to remain in their community, live independently, and age with dignity in a safe and supportive environment,” said Ottawa Mayor Mark Sutcliffe in the release.
The city has said it plans to implement new zoning bylaws and streamline planning approvals to address barriers to affordable housing at the municipal level.
Funding provided for 2262 Braeside includes $6.9 million from the federal government through the Affordable Housing Fund; $83,000 from CMHC Seed Funding; and $350,000 in City of Ottawa pre-development funding and more than $905,000 in waived municipal fees and charges.
Ottawa property acquired by national REIT
Canadian investment firm Lankin Apartment REIT has added a multi-unit rental property in Ottawa to its portfolio.
On Tuesday, the firm said it had acquired 1551 Lycée Place, a 258-unit apartment building just east of the Trainyards, for an undisclosed amount.
Lankin specializes in institutional-grade Canadian multi-family assets. It manages a real estate portfolio exceeding $2 billion, with more than 6,200 multi-family units under management.
According to the release, the Ottawa acquisition is part of Lankin’s effort to grow its presence in the capital.
“The property strengthens Lankin's footprint in the National Capital Region, a market characterized by government-anchored employment and rental demand,” the release stated. “The acquisition aligns with Lankin's disciplined investment criteria for institutional-grade multi-family assets in select Canadian markets.”
It added that Ottawa is high on its priority list as an “upper secondary” market, a step below larger investment targets like Toronto, Vancouver and Montreal.
