Screenshot of the Magnolia Garden Residence. Image taken during the CMHC Press Conference.
The federal government has announced a new investment to help support the creation of more affordable housing options in Belleville.
Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation, has announced that a $23 million dollar loan will be coming to help support the Magnolia Garden Residence.
“Far too many Canadians are forced to make the impossible choice between paying the rent and paying groceries. The COVID-19 pandemic has reminded us more than ever before that nothing is more important than a home. As we all did our part to contain the virus, our homes have become a place of refuge and a sanctuary in these difficult times,” said Hussen.
The new six-storey building that is currently being built on Station Street. It will accommodate 103 rental units, made up of single and two room apartments. Construction is expected to be completed by the end of this year, or into early January.
The rental units will be below 30 per cent the region’s median household income. There will be 32 apartments set at affordable rent levels for at least 11 years.
Belleville Mayor Mitch Panciuk said during the press conference that this is great news, as council continues work through the housing crisis. He added it is really holding back the economy from expanding.
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